Bridgestone to invest $304 mn in five years on India plants
Tyre major Bridgestone India on Tuesday said it will invest $304.3 million (around Rs 1,940 crore) over the next five years to expand its two manufacturing plants in Maharashtra and Madhya Pradesh.
The company, which is a part of Japan's Bridgestone Corporation, plans to expand facilities at Pune (Chakan) and Indore (Kheda).
The investment will be done in a phased manner over the next five years starting this year, Bridgestone India said in a statement.
"This investment affirms our commitment to expand Bridgestone s footprint in India, which is one of the fastest growing markets in the world," Bridgestone India Executive Director Kazutoshi Oyama said.
The investment will enable Bridgestone India to be equipped with advanced manufacturing technology and processes that will allow it to better serve its customers with superior quality products, he added.
The expansion of the plants will enable Bridgestone to meet increased tyre demand in India, owning to growing vehicle population and production.
The production capacity of the two plants is expected to increase by around 15,000 tyres per day, bringing total daily production to around 41,000 tyres by 2022.
In addition to capacity expansion, the investment will also enable the company to enhance its products mix to cater to new models being launched in the domestic market.
The company's products are sold in over 150 countries around the world.