JK Tyre & Industries wraps up phase 1 of Rs 1,000cr Banmore facility expansion
JK Tyre & Industries, a frontrunner in India’s radial tyre industry, has announced the successful completion of the first phase of capacity expansion at its manufacturing facility in Banmore, Madhya Pradesh.
The event was graced by the presence of esteemed officials including Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh, Narendra Singh Tomar, Union Minister of Agriculture and Farmers’ Welfare, and Jyotiraditya Scindia, Union Minister of Civil Aviation and Steel.
The company has earmarked a total of Rs 1000 crores for the two-phased expansion of the Banmore facility to cater to the growing demand for passenger car radial (PCR) tyres. The recently completed first phase saw an investment of Rs 312 crores and boosted the plant’s annual production capacity by 31%, raising the output from 39 lakh to 51 lakh units per annum.
Now in the midst of its second phase, JK Tyre & Industries plans an additional investment of Rs 617 crores, which is projected to augment capacity by another 31% by April 2024.
Dr Raghupati Singhania — JK Tyre & Industries Chairman and Managing Director said: “The expansion of this manufacturing facility reflects our unwavering dedication to innovation, sustainability, and our substantial contribution to the growth story of Madhya Pradesh.
He underscored the strategic importance of this development, especially as India embarks on ‘Amrit Kaal,’ a 25-year journey towards becoming a modern, developed democracy.
Dr Raghupati Singhania further conveyed gratitude to the Government of Madhya Pradesh and local administration for their ongoing support and affirmed JK Tyre & Industries’ commitment to serve as a trusted mobility partner for the nation.
The 211-acre facility, operating over the years, has brought about substantial industrial development in the region and created employment for nearly 15,000 individuals in the state. The ongoing expansion will generate additional jobs for over 7,000 people, stimulating regional economic growth.
JK Tyre & Industries’ Banmore plant has been influential in various social fields such as health, adult literacy, rural development, and local sports promotion, thus benefiting local communities. The company, with strong sustainability goals, is recognized as a green manufacturer. By 2030, JK Tyre & Industries aims to cut its carbon emissions by 50%, evidencing its commitment to environmental responsibility.
Since its establishment in 1991, the JK Tyre & Industries plant in Banmore has been a key part of the company’s impressive trajectory. The state-of-the-art facility serves both domestic and international customers, manufacturing innovative products like eco-friendly tyres, smart tyres, and puncture guard tyres, thereby promoting safe driving and environmental sustainability.