TVS Srichakra On The Roll: Announces Capex Investment Of Rs. 1,000/- Crores

By Neil Pandya
Updated: Jun 9th, 2021 at 4:29 pm

TVS Srichakra, India’s one of the well-known two & three-wheeler tyre manufacturers and exporters announced its planning of capital expenditure of Rs. 1,000/- crores.

Incorporated in 1982, TVS Srichakra is one of the flagship companies of TVS Group, which is India’s largest auto ancillary conglomerate worth USD 8.5 billion.

S Ravichandran, Director, TVS Srichakra Limited, introduced the CAPEX initiative as a step to technologically upgrade the company’s manufacturing plants at Madurai and Pantnagar in order to increase its production capacity by approx. 25-30% and meet the rising demand for two and three-wheeler tyres. The company also aims to double the production of off-highway tyres in comparison to the current levels.

The expenditure will also enable the company in upgrading its R&D and product development facilities that will enable the company in realising its growth plans, strengthen its partnerships with the automobile manufacturers, development of a new range of radial tyres and introduce more premium products.

Talking about the utilisation of this expenditure, S Ravichandran also highlighted the further development of the company’s newly announced brand ‘TVS Eurogrip’ which is exclusively made for premium two-wheelers along with the company’s plans of setting up a state-of-the-art design centre in Milan, Italy in the last fiscal.

Keeping a positive approach after the downfall in the global markets because of the pandemic, S Ravichandran concluded his announcement by highlighting the expenditure as the company’s confidence in the recovery of India’s economy and its contribution to Atmanirbhar Bharat.