Tyre maker TVS Srichakra Ltd on Tuesday announced a Rs 1,000 crore investment over a period of three years to ramp up its manufacturing capacity.
The capital expenditure of Rs 1,000 crore will be used to ramp up manufacturing at its Madurai and Pantnagar plants, the company said in a statement
"This investment is planned to be made over a three-year period. The investment, when fully made, will result in an increase in two and three-wheeler tyre capacity by 25-30 per cent and doubling of off-highway tyre capacity from current levels," it added.
TVS Srichakra has manufacturing facilities at Madurai in Tamil Nadu and Pantnagar in Uttarakhand with a production capacity of over 3 million tyres a month.
Commenting on the planned investment, TVS Srichakra Limited Director S Ravichandran, said, With a wide distribution network in India, growing international presence and building state-of-the-art capabilities in R&D and product development, we are further strengthening our manufacturing .
