JK Tyre launches 10 new products, targets Rs 300-crore turnover rise
19 Nov 2013 11:14 PM GMT
The tyres which have been launched, include ultra high performance car tyre range called UX1. These tyres are designed for high end luxury cars like Audi, BMW and Mercedes. It has also launched a new range of tyres for hatchback car segment called Ultima NEO which assists in fuel savings.
With these launches, JK Tyre also announced its plans to increase its turnover by Rs 300 crore. Their turnover was Rs 5,444 crore as on 31 March this year.
Commenting on the launch, JK Tyre President and Director A K Bajoria said: ‘The automotive market in India continues to offer promising opportunity for growth to all and with the launch of this new range, we are hopeful of increasing our market share in high-performance tyre segment significantly. The new range also comes as an aggressive move towards our expansion plans for India which has an earmarked capex of Rs. 1,430 crores to increase our truck and bus radial capcity by additional 8 lakh tyres per annum and car radial capacity by another 20 lakh tyres per year at the Chennai plant.'
Company’s vice president (marketing and sales) Vihram Malhotra said: 'JK Tyre has consistently focused towards extensive R&D and technological innovation to develop products in response to customers' needs thereby offering a compelling proposition. Safety, durability, fuel efficiency and handling figure amongst the key decisive factors for Indian drivers while buying tyres.'
In addition to focusing majorly on India, JK Tyre is also considering organic and inorganic growth in the emerging markets of South-East Asia. The company currently has nine plants across India and Mexico with an annual capacity of around 20 million tyres. Bajoria further added that JK Tyre has also started suppling tyres to Volkswagen group from India.
Indian tyre market is estimated to be between Rs 46,000-50,000 crore. In the passenger vehicle tyre segment, the company has 18-20 per cent market share.
With these launches, JK Tyre also announced its plans to increase its turnover by Rs 300 crore. Their turnover was Rs 5,444 crore as on 31 March this year.
Commenting on the launch, JK Tyre President and Director A K Bajoria said: ‘The automotive market in India continues to offer promising opportunity for growth to all and with the launch of this new range, we are hopeful of increasing our market share in high-performance tyre segment significantly. The new range also comes as an aggressive move towards our expansion plans for India which has an earmarked capex of Rs. 1,430 crores to increase our truck and bus radial capcity by additional 8 lakh tyres per annum and car radial capacity by another 20 lakh tyres per year at the Chennai plant.'
Company’s vice president (marketing and sales) Vihram Malhotra said: 'JK Tyre has consistently focused towards extensive R&D and technological innovation to develop products in response to customers' needs thereby offering a compelling proposition. Safety, durability, fuel efficiency and handling figure amongst the key decisive factors for Indian drivers while buying tyres.'
In addition to focusing majorly on India, JK Tyre is also considering organic and inorganic growth in the emerging markets of South-East Asia. The company currently has nine plants across India and Mexico with an annual capacity of around 20 million tyres. Bajoria further added that JK Tyre has also started suppling tyres to Volkswagen group from India.
Indian tyre market is estimated to be between Rs 46,000-50,000 crore. In the passenger vehicle tyre segment, the company has 18-20 per cent market share.
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