"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 capabilities to cater to the growing demands in India and abroad."
He further said,"We believe that this capital outlay will enable TVS Eurogrip (the company's tyre brand) to further its growth aspirations and help strengthen its partnerships with vehicle manufacturers and create new benchmarks in the replacement and global markets."
This investment reflects the company's "fullest confidence in India's recovery and its prospects in the medium to long-term and is our contribution to Atmanirbhar Bharat, Ravichandran said.
In FY 19-20, the company had announced the launch of its new brand TVS Eurogrip as well as a new range of products. The company had also announced setting up of its product design centre in Milan, Italy.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.