JK Tyre & Industries aims to expand its footprint in international markets. The company also wishes serve the domestic market by investing Rs 1,400 crore in its production capacity, said Managing Director (MD), Anshuman Singhania.
“We are also having almost around Rs 1,400 crore investment which are currently going on in our two locations, which will start ramping up from quarter three onwards. In terms of our markets for export, we are exporting to about 100 countries,” he said during a conversation with NDTV Profit.
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“We are exporting to UAE. We are exporting to Brazil, Latin America, Mexico and also new markets in EU and UK,” he added.
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He emphasised that the company is one of the largest exporters of truck radial tyres from India to the UK and EU.
“We would be one of the largest exporters of truck radial tyres from India in the EU and UK as we speak.”
He noted that currently it is a “negligible player” in EU and UK, but has a lot of headroom there as well.
“Europe is a new market for us. We will certainly be developing a lot of new sizes for the European market. And there I would say that we are a very small player in terms of the market share and we would definitely be developing that,” he said.
He also noted that the recent Free Trade Agreements (FTAs) provide Indian tyre manufacturers with a competitive edge.
“The FTAs are also giving the Indian producers a good advantage over rest of the other countries here and we will surely be taking advantage of that.”
While organic growth through brownfield expansions at its existing locations remains the primary focus, the company remains open to strategic international acquisitions.
Singhania explained that the rationale for acquisitions extends beyond just gaining new technology.
“It's just not about the technology acquisition. It is also about serving the market faster. We have been very successful in turning around acquired companies. So technology, yes, plays a very important role, but serving the market in terms of a ready facility with an upgrade also plays a very important role,” the top executive underscored.
Shares of JK Tyre & Industries closed 0.83% higher at Rs 378 apiece on the NSE, while the benchmark Nifty50 closed 0.49% lower at 25,202.35.
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