Automotive tyre maker TVS Srichakra Ltd. on Tuesday said it would be investing Rs 1,000 crore over a three-year period to expand production capacity at its Madurai and Pantnagar plants.
In a statement issued here, the company that rolls out tyres for two, three-wheelers and off-highway vehicles said the capital expenditure would result in increasing the two and three-wheeler tyres capacity by 25 to 30 per cent and doubling off-highway tyre capacity.
The investment is planned to be funded by a mix of debt and internal accruals.
The expansion programme being undertaken would focus on setting up additional capacities in this space catering to the growing demand across its customer base — both domestically and globally.
The investment outlay announced on December 8 would also significantly increase TVS Srichakra’s capacities and technological capabilities in the off-highway tyre segment, with a clear focus on global markets, the statement added.