JK Tyre and Industries has announced that the company is committed to investing about INR. 12.5 billion in the Uttarakhand’s Laksar unit that is acquired from Birla Tyres couple of years ago. Recently, the Chairman and Managing Director of JK Tyre, Raghupati Singhania met Uttarakhand’s Chief Minister Trivendra Singh Rawat and presented the details of the expansion plan.
Mr. Singhania told the media that the company already has invested approximately INR. 20 billion to acquire the factory unit from BK Birla Group in 2016, where around 4,500 workers are employed. He further told that they are ready to invest another INR. 12.5 billion for the expansion of their Laksar unit, which will give a boost to the industrialisation of the hill state. Moreover, the scale of investment at the current unit will go up to INR. 45 billion.
Mr. Singhania also asked for incentives from the state government for the expansion of the company to which the Chief Minister has given an assurance. As per the new Industrial Policy, the state government is offering incentives that include capital subsidy depending upon the area and the investment proposal. Lower power tariffs, single-window system, ease of doing business, peacefulness are the hallmarks of Uttarakhand, which led to the establishment of some of the best industrial estates in the state.