Tyre major JK Tyre & Industries is planning to go ahead with its Rs 500-crore expansion programme, while putting on hold some other investment plans.
"We foresee a growing demand for Off-the-Road (OTR) tyres and are going ahead with our expansion programme of increasing the capacity of truck and bus radials, OTR and manufacture of speciality tyres at an capital outlay of Rs 500 crore," JK Tyre Industries Vice-Chairman and Managing Director Raghupati Singhania told PTI in Mumbai.
"Some of our expansion plans were commissioned in January and some will be (done) next year. The total capacity will be increased to nine million tyres after the expansion plans," Singhania said.
Asked on any impact of slowdown in the automobile industry, Singhania said that the company has put on hold some of its other investment plans, except the Rs 500 crore expansion.
Singhania pointed out that the industry had no plans to cut tyre prices despite a demand from truckers' unions.