BKT puts USA capex on hold
The Board of Directors at off-highway tyre specialist Balkrishna Industries Ltd. (BKT) have temporarily suspended their plans to invest in setting up a factory in the USA. According to the Board, the capex project has been placed in abeyance due to “difficult macroeconomics” and “volatile climate conditions.”
The Board of directors previously approved an investment of up to US$100 million for the project. The aim was to set up a plant with a 20,000-tonne capacity via a wholly-owned subsidiary. “After reviewing various aspects of the project in the backdrop of current challenging economic and business environment, the Board has decided to put it in abeyance,” reports company secretary Vipul Shah.