TVS Srichakra Ltd., the two- and three-wheeler as well as off-highway tyre manufacturer, is planning a 10 billion rupee (£102 million; 112 million euro; US$135 million) investment programme. According to the company, the investment will increase two- and three-wheeler tyre production capacity by 25-30 per cent and double of off-highway tyre capacity from current levels.
The lockdown now in place across India is one of the most radical measures seen to date during the COVID-19 pandemic. As a result, tyre production has come to a standstill at plants across the country. While India’s government exempts the manufacture of “ essential commodities” from the three-week lockdown it hasn’t provided clarity as to what products it considers essential. Therefore it is unclear when tyre manufacture will recommence within the country.
Indian tyre maker TVS Srichakra Ltd. is targeting millennial customers with a newly-introduced tyre brand, TVS Eurogrip. Products sold under the TVS Eurogrip name will benefit from a design and innovation centre the company is setting up in Milan as well as European and Japanese experts for technology, product and process development.
TVS Srichakra Limited (TVS Tyres) has disclosed its intention to participate in the rights issue offered by its wholly owned subsidiary, TVS Srichakra Investments Limited (TVSSIL). In a notification sent to the BSE today, the Indian tyre maker said it would participate to the extent of its entitlement, which is 409,780 shares for a consideration of Rs 59.9 million (£663,700).
According to a statement issued by TVS Srichakra, Mr K V Ganesh has been appointed the company’s new chief financial officer, effective 12 August 2017. Ganesh replaces K P Rangaraj, who left the tyre maker on 24 July.
TVS Srichakra reports that it is planning to increase total tyre production capacity from 2.3 million tyres per month to 2.5 million. The Madurai, India-based firm told local news sources that it do so by the second quarter of the current financial year.
India’s TVS Srichakra has reinforced its activities in Europe in recent times, not least through its growing range of off-highway tyres sold under the TVS Eurogrip brand name. The company showed off a selection of these products, specifically agricultural flotation radials, at May’s Reifen show in Germany, alongside tyres for two-wheel vehicles.
At its meeting on 6 February, the TVS Srichakra Ltd Board of Directors approved the sale of the company’s entire shareholding in TVS Europe Distribution Limited; the tyre maker will sell all 332,500 shares to fellow TVS Group company TVS Automobile Solutions Limited.
Indian tyre maker TVS Srichakra Ltd has announced the appointment of K P Rangaraj as the company’s chief financial officer, effective 12 August 2015. Mr. Rangaraj has also been designated chief investor relations officer, and in this capacity he will handle issues related to the fair disclosure of unpublished price sensitive information.
Indian tyre maker TVS Srichakra Limited informed the National Stock Exchange of India on 2 June that it has entered into an agreement with wholly-owned Michelin subsidiary, Michelin India Private Limited, to produce a range of two wheeler tyres under the Michelin brand name.
Indian tyre maker TVS Srichakra has unveiled its new brand identity and logo. The company says the new ‘TVS Tyres’ logo “reinforces the clarity in purpose” for the brand while the eagle depicted beneath the tyre “highlights the features of power, manoeuvrability and the superior grip of the products.” The arrows following the name TVS Tyres, similarly, are said to convey “a perpetual forward motion.”
Regional government ministers in India met with tyre makers on 18 December to discuss rubber prices. Chief minister of the state of Kerala, Oomen Chandy has chaired a meeting which proposed a minimum guaranteed price for rubber growers – a price of around Rs 125 to 130 (£1.25 to £1.30) per kilogramme was suggested. In recent times the price paid to Indian rubber growers has dipped as low as Rs 90 per kilogramme, a price considered unsustainable.
Indian off-road tyre manufacturer TVS Srichakra has unveiled its latest TVS Eurogrip tyre at the Agritechnica show. The Tigertrac is a newly-developed range of agricultural radials suited intended for both farm and on-road use.