Capacity expansion: TVS Srichakra signs MoU
Tyre maker TVS Srichakra has signed a Memorandum of Understanding with the government of India’s Tamil Nadu state in order to facilitate the investment to expand capacities at its plant in Madurai.
The document signed on 16 February supports TVS Srichakra’s announcement of 8 December 2020, in which it shared plans to invest up to Rs10 billion (£102 million) in the Madurai site as well as its Pantnagar factory in Uttarakhand. The company is currently capable of producing 27.6 million two/three-wheeler and off-highway tyres a year at these two plants. The proposed capital expenditure programme will double TVS Srichakra’s off-highway tyre capacity and raise capacity for two- and three-wheeler tyres by 25 to 30 per cent.