TVS Srichakra to invest Rs 1,000 cr in tyre capacity expansion (Ld)

Chennai, Dec 8 : Automotive tyre maker TVS Srichakra Ltd. on Tuesday said it would invest Rs 1,000 crore over a three-year period to expand the production capacity at its Madurai (Tamil Nadu) and Pantnagar (Uttarakhand) plants.

In a statement the company that rolls out tyres for two, three-wheelers and off-highway vehicles, said the capital expenditure would result in increasing the two and three-wheeler tyres capacity by 25 to 30 per cent and double the off-highway tyre capacity.

The investment is planned to be funded by a mix of debt and internal accruals.

“Not including outsourced manufacturing, our current capacity is 2.6 million tyres per month for two and three-wheeler tyres. In the off-highway tyres space we have a capacity of 40 Metric Tonne (MT) per day,” TVS Srichakra Director S. Ravichandran told IANS.

“We have the capability to make all the products in two, three-wheeler and OHT (off-highway tyres) categories in Madurai. In Pantnagar, we manufacture our two and three-wheeler tyre range,” he added.

The expansion programme being undertaken would focus on setting up additional capacities in this space catering to the growing demand across its customer base — both domestically and globally.

The investment outlay announced on December 8 would significantly increase TVS Srichakra’s capacities and technological capabilities in the off-highway tyre segment, with a clear focus on global markets, the statement added.

Disclaimer: This story is auto-generated from IANS service.