In a bid to meet the increasing demand of its products globally, Balkrishna Industries Limited (BKT), an off-highway tyre manufacturer, is working on a Rs 2,000 crore expansion plan in India.
The company is eyeing at setting up a modern carbon black manufacturing facility at its plant in Bhuj, Gujarat.
Arvind Poddar, CMD of BKT, said, "The company is working on a Rs 2,000 crore expansion plan."
At present, BKT's share in the off-road tyre market in India is 7-8%. It is planning to increase the share to 15% in the next three to four years.
"The company will shift its Aurangabad plant to a new location. The project will be completed in 18 months at a cost of Rs 450 crore. The company has five facilities in Maharashtra, Rajasthan and Gujarat," Poddar stated.
He further added, "During the last financial year 2017-18, the company’s turnover stood at Rs 4,500 crore. We are expecting this will increase to Rs 5,000 crore during the current financial year. We are expecting 10-15% growth in the years to come."
BKT is mainly exporting its tyres to Europe, America and Australia. Europe currently accounts for about 52% of its total exports.
