Support: +91-22-61011756 / help@projectstoday.com

IFC, JK Tyre forges partnership for expansion of tyre manufacturing

Thursday, 23 Mar 2023
Share this on :

IFC has made an investment of USD 30 million (about Rs 240 crore) in JK Tyre & Industries which will part-finance the capacity expansion, while also integrating resource-efficient technologies in the production of commercial and passenger car radial tyres. Post investment, IFC will hold 5.6 percent stake in the tyre major.

IFC’s support will help the company increase production of energy-efficient radial tyres from 32 million to over 35 million tyres a year by 2025. It will also improve the company’s capital structure and focus on boosting skilled job creation, exports, and sustainable growth through ‘Aatmanirbhar Bharat’.

The automotive industry accounts for nearly 49 percent of India’s manufacturing GDP, with tyre manufacturers contributing to 2 percent. Moreover, improved vehicle utilisation helped by last-mile connectivity and vehicle scrappage policy, is fuelling growth in the automobile and tyre industry.

 
Post Your Comments


  
REGISTER AND GET STARTER KIT ABSOLUTELY FREE!

Free access to Project News and Analysis

Project and Tender Alert in your mailbox

Explore the largest Database on Projects for free

Be part of Online Projects Community

User login
Start Exploring

Subscribe to any of our premium plans to

Access to complete information on 43000+ projects

Use our Notification service for instant update on projects and tenders

Closely monitor your opportunities with "WORKSPACE"

Use our online platform for promotions of your products and services