India based tyre manufacturer, JK Tyre is planning to invest about INR8bn ($143m) in its Chennai manufacturing facility over the upcoming two years.
The manufacturer aims to increase the production capacity of the Chennai plant by two folds with the investment.
JK Tyre & Industries chairman and managing director Raghupati Singhania said reporters, "We plan to invest over Rs 800 crore on our Chennai plant, thereby doubling the capacity of the facility to around five million tyres per annum over the next two years."
The tyre manufacturer is also planning to invest about $25m to increase the production capacity of its Mexican subsidiary, Tornel by 25% in the next twelve months.
Following the investment, the Tornel's annual manufacturing capacity will reach 4.5 million units from the current 3.6 million tyres per annum.
Additionally, the company is planning to invest INR1.5bn ($26.8m) in its two facilities at Mysore and Kankroli in India.
