JK Tyre to Increase Exports to Central, South America
JK Tyre and Industries is aiming to substantially increase exports from Tornel, the Mexican company it acquired last year. According to the Press Trust of India the company aims to do this within a year through further expand within the Central and South American markets.
Currently some three quarters of Tornel’s annual 6.6 million unit production is sold in the Mexican domestic market. “Currently, only 25 per cent of Tornel’s annual production is sold overseas,” JK Tyre and Industries vice chairman and managing director R P Singhania told PTI. “Our target is to increase the share of exports to 50 per cent within one year.” Singhania added that Tornel’s three factories currently are utilised to around 85-90 per cent of capacity.
“We are looking closely at the markets in Southern and Central American countries,” he continued. “We are already selling some products of all our three brands – JK Tyre, Vikrant and Tornel – in those countries and now we are looking to increase our exports to these countries from our three plants in Mexico.” Of these, Singhania added, Brazil would be a priority: “In the region, our main focus will the Brazilian market. Brazil is one of the three countries along with India and China, which witnessed growth during the recent economic recession.”