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 .
"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.
( With inputs from IANS )
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