India-based tyre company, JK Tyre & Industries is gearing up for an expansion. Its President and Director Arun Bajoria said that the board of the company has approved an investment proposal of Rs.160 crore for expanding the company’s overall domestic tyre production capacity across different segments in the country.
The company earlier has announced its net profit during the third quarter of the financial year 2011-2012, with standalone total income declining 7.35% during the third quarter of the financial year from October to December 2012 compared to the same quarter of 2011.
The company’s Vice Chairman and Managing Director Raghupati Singhania said the third quarter was a trying phase for the tyre industry due to lower demand, affecting also tyres sales in the country.
“The stable raw material prices during the quarter helped in containing costs. Additional radial tyre capacities recently created, both for truck/bus as well as passenger tyres will further cement JK Tyre’s radial leadership position, ” Singhania added.
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