JK Tyre and Industries plans to increase tyre prices by up to five per cent from January next year to offset surging raw materials costs, especially that of natural rubber. The price increase will apply to both car radial and truck tyres.
JK Tyre plans to double its capacity of commercial vehicle radial tyres to 1.6 million per annum from the present 8,00,000 tyres per year by mid-next fiscal. The company also plans to increase its passenger car radial tyre capacity to 5.5 million a year from the present 4.5 million by December next year. The company plans to invest Rs 1,500 crore to set up a new manufacturing plant near Chennai in Tamil Nadu which is expected to start production by the third-quarter of next year.
