JK Tyre & Industries Ltd. announced plans to invest more than Rs 800 crore to double the annual capacity of its Chennai, India, manufacturing facility over the next two years to roughly 5 million tires.
JK Tyre, which produces radial tires for various types of vehicles including trucks, buses and passenger cars, already has invested around Rs 900 crore on the Chennai plant, according to chairman and managing director Raghupati Singhania. The company also is in the process of investing Rs 150 crore at its two facilities in Mysore and Kankroli (Rajasthan), India.
In addition, JK Tyre plans to invest $25 million (U.S. dollars) to expand annual capacity at its plant in Tornel, Mexico, from the current 3.6 million tires to 4.5 million tires.