NEW DELHI, India (May 26, 2010)—Indian tire maker JK Tyre & Industries Ltd. plans to invest $195 million during 18 months to build a plant near Chennai, India, for radial car and truck/bus tires.
JK Tyre disclosed the investment during the presentation of its financial results for the fiscal year ended March 31.
The new factory is slated to come on stream in early 2012 with annual capacities of 2.5 million car tires and 400,000 truck tires, according to Raghupati Singhania, JK Tyre vice chairman and managing director .
JK Tyre, India's No. 3 tire maker, has secured 100 acres of land near Chennai for the plant, which will be the firm's sixth in India.