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Ceat puts on hold plans to invest in new manufacturing facility for commercial vehicle tyres
Indian tire makers put on hold investment plans for a new commercial vehicle tire manufacturer. Managing Director Anant Goenka told The Economic Times that the company would have invested Rs 3.96 billion to produce high-margin off-road tires for the US and European markets. “We have disinvested in the commercial vehicle segment. The margins in this segment are low. The off-road tire segment has higher margins and we will invest in increasing our production capacity in this category.” The Board of Directors of the Company has approved an investment proposal to increase the capacity of agricultural radial tires at Ambarnath, Maharashtra, from the current capacity of around 50 per day per day to 55 tons per day over the next two years. The investment is being financed through debt and internal accruals. Goenka said the company will benefit from using 80-85% of its commercial vehicle tire capacity. Ceat plans to invest Rs 120 crore to set up a new plant near Chenna...
ZacharyLindberg
72
May 31, 2024
Bridgestone appoints Stefano Sanchini as head of India operations
Stefano Sansini. Japanese tire maker Bridgestone has appointed Stefanono Sanchini as managing director of its India operations from January 1 next year. He will replace Parag Satpute, the company said in a statement. (Parag Satpute), Parag Satpute will be moving to Amsterdam (Netherlands) to take up a new role in Bridgestone Solutions division. Sanchini currently serves as Regional Vice President, Middle East and Africa (MEA). The company said Satpute will relinquish his current position on January 1, 2023, and Sanchini will take over his position from the same date. Sanchini said, “The Indian market will be a key area as we transition to new technologies and mobile solutions, which we are excited to roll out to most of our Indian customers.”
GeorgeGunter
54
May 31, 2024
JK Tyre aims to become carbon neutral by 2050
JK Tire said Thursday that it is working to become a carbon-neutral company by 2050. The company uses the least amount of energy to produce finished tires of the world’s top three tire makers. It has already begun efforts to reduce its energy consumption by 53 percent through renewable energy. JK Tire aims to increase this to more than 75% over the next five years. “As one of the greenest tire manufacturers, JK Tire follows a low-carbon strategy, which is the foundation for future growth.JK Tire has reduced its greenhouse gas emissions by more than 57% in the last eight years and is committed to the company’s commitment to remain neutral until 2050, the company said in a statement. The company said it believes more products can be produced with fewer resources and is working to reduce energy intensity and greenhouse gas emissions. We are also extensively evaluating new materials and technologies that are more environmentally friendly and sustainable. Ragh...
PhoebePowell
55
May 31, 2024
Ceat aims to tap opportunities as world looks for alternative to China for sourcing tyres: Official
Kumar Subbiah, managing director and chief financial officer of Ceat Ltd, said that as the world looks outside of China to source tires, ceat Ltd has seized the opportunity with its “value brand” positioning despite the slowdown in many economies. He says he intends to capitalize on it. Exports account for 20% of total sales, and it entered the European truck lunch tire market last year and plans to enter the U.S. market later this year. Subbiah told Indian newspaper Trust, “The company’s exports have stagnated in the current financial year as it has been hit to some extent due to difficulty in obtaining currency for tire imports (mainly from Europe and other countries).” However, he said, “On the export front, we expect growth to resume next year, provided global macroeconomic conditions permit. We are ready to use whatever is required.” “The world is looking for a good source of tire manufacturing as an alternative to the Ch...
AlvinCatharine
46
May 31, 2024
Bridgestone lines up Rs 600 cr to expand capacity, upgrade tech at Pune plant
Tire maker Bridgestone India on Monday said it will invest more than Rs 60 crore over the next three years In order to expand production capacity and upgrade technology at its Pune plant. The initial investment in production capacity and technology upgradation will be 70 million euros (over Rs 600 crore), the company said in a statement. This will enhance the plant’s capabilities in tire manufacturing technology and passenger car segment, he added. Stefanoonostefanono Sanchini “Bridgestone India is bringing global technology and manufacturing to the Indian market to meet the demand of Indian consumers for more fuel efficient tires and better products and to improve the quality of India’s roads.” , Bridgestone India. He added that as a global leader in tire technology, the company is committed to providing sustainable mobility solutions and has invested 70,000,000 euros in this direction. However, the company did not disclose the current production...
MaureenTerry
77
May 31, 2024
Ceat, Jindal Power, Private Equity Funds among companies in race for Birla Tyres
Birla Tires manufactures tires for commercial vehicles, agricultural vehicles, heavy vehicles, earthmoving machines, motorcycles and tricycles. Birla Tyres Kesoram is an Industries Last year, the company got a debt settlement from the Bankruptcy Court of India and has now received a letter of intent (EoIs) from Ceatt, Bain-Piramal backed India Recovery Fund, Naveen Jindal Company Jindal Power waiting for the company. This issue is promoted by Purnendundu Chatterjee Dalmia Bharat Refractories and MCPI. In May 2022, chemical manufacturer SRF defaulted on its Rs 150 million dues under the Corporate Insolvency Resolution Process (CIRP) in a petition, following which the National Company Court imposed sanctions on the company. Pratim Bayal, Solution Specialist Supported by PwC, EOI invited Applicants should submit their solutions by the end of this month. pRP has acknowledged the Rs 11.28 billion claim by financial creditors but did not respond to ET’s request for comment...
AthenaOliver
43
May 31, 2024
Michelin may soon produce passenger vehicle tyres in India
Reuters. Group Chief Executive Florent Menegaux French tire giant Michelin is actively considering producing passenger car tires in India. Local manufacturing would help the Clermont-Ferrand-based tire giant expand its presence in India. India has suffered a severe recession due to import restrictions imposed by the government in 2020. The tire maker operates in 175 67 countries Currently, only a limited number of premium heavy-duty tires are sold in India, especially for performance-oriented models. In 2020, the government will restrict the import of some new pneumatic tires for cars, buses, trucks and motorcycles to promote domestic manufacturing. Now tire companies can only import a small number of tires into the country under a restricted import license. This was not possible in 2020 a year ago. Menegaux, in an interaction with PTI, said that the group sees India as a huge growth market. He pointed out that the company is keen on investing in the production of p...
GustaveJohnson
44
May 31, 2024
Export of tyres expected to rise 15 pc in FY23, says ATMA Chairman
Satish Sharma, President, ATMA Satish Sharma, Chairman, Automotive Tyre Manufacturers Association of India, on Tuesday said that India’s tire exports are expected to increase by 15 percent in the current fiscal. He said the rapid integration of Indian tires into the global supply chain with the help of India’s globally harmonized regulatory environment has increased its potential market. In a statement, the Automotive Tire Manufacturers Association (ATMA) quoted Sharma as saying, “Last year, India’s tire exports grew by 50 percent, and are expected to grow by around 15 percent by the end of this fiscal.” He was speaking at the ATMA Partners in Summit 2023. Citing data from the Ministry of Commerce, ATMA showed that India’s tire exports grew by 15% to Rs 17,816 crore in April-December 2023, compared to Rs 15,570 crore in the same period last year. The Indian tire industry has been able to maintain its growth momentum in both domestic ...
QuintionMartin
49
May 31, 2024
Domestic tyre industry back on growth path; expected to see double-digit growth in FY24: JK Tyre CMD
Raghupati Singhania, chairman and managing director of JK Tyres, said on Tuesday that the domestic tire industry is expected to register a double-digit growth in the next fiscal as the automobile sector as a whole recovers. He pointed out that JK Tyres launched its tire brand Levitas last Tuesday To cater to the luxury car market, Ultra is also following the growth path of the industry and is also expected to register double-digit sales growth in the next fiscal year. “The tire industry has gone through a difficult period over the last few years as COVID-19 has shrunk slightly in the automotive sector. Now, with economic activity becoming more vibrant, improvements in the tire industry are coming full circle.” Singhania said. He pointed out that demand in most segments of the domestic automotive industry remains strong. Sinhania said the industry has also benefited greatly from the government’s efforts to develop local manufacturing. He noted, “Do...
SpencerSheridan
41
May 31, 2024
TVS Srichakra unveils TVS Eurogrip tyres for adventure touring, superbike segments
At an agency event, the company launched Roadhound, a tubeless tire, while Duratrail said TVS Srichakra Ltd, the tire maker that produces TVS Eurogrip, Eurogrip and TVS Tire brand tires, has entered the adventure touring and superbike segments. Friday. Cricket legend Mahendra Singh Dhoni along with members of IPL team Chennai Super Kings Ali and Ajinkya Rahane launched this new product at an event held here. PP Madhavan, Vice President, Sales & Marketing of the company “Adventure travel and the launch of the Superbike Tire range is a major milestone for us and it further expands our product range, which is the widest among similar products.” . In a statement. “These high performance products are designed in Europe and customized for Indian road conditions. Many of the products have already been launched around the world and have received strong positive feedback from the industry and consumers ……,” he said. Tubeless tires have been laun...
JanetBernal
48
May 31, 2024
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