JK Tyre Banmore plant capacity expansion (1st phase) inaugurated
Date: 30 Jun 2023
tyre industry major and market leader in the radial tyre segment, JK Tyre &
Industries Ltd., has announced the completion of the first phase of capacity
expansion of their manufacturing facility located in Banmore, Madhya Pradesh.
This was inaugurated by Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh
in presence of Narendra Singh Tomar, Union Minister of Agriculture and Farmers'
Welfare, and Jyotiraditya Scindia, Union Minister of Civil Aviation and Steel.
an investment of about Rs 1000 crore, the company has planned a two-phased
expansion at its existing Banmore facility to cater to the increasing demand
for passenger car radial (PCR) tyres. The phase one expansion, involved an
investment of Rs 312 crore. The expansion will increase the annual production
capacity of the plant by 31%, from 39 lakh to 51 lakh units per annum.
Tyre is now in the second phase of expansion, with an additional investment of
Rs 617 crore that will increase the capacity by an additional 31% by April
the years, the 211-acre facility has emerged as a significant landmark,
spearheading industrialization in the region and creating direct and indirect
employment opportunities for nearly 15,000 individuals in the state. This
expansion will generate additional employment for over 7,000 people in the
region, resulting in increased regional economic growth.
Tyre plant at Banmore has contributed significantly in the field of health,
adult literacy, livelihood enhancement, rural development, promotion of local
sports which has benefitted the lives of communities in the vicinity.