BKT increases US market thrust
Balkrishna Industries Limited (BKT) has announced that it will invest USD 100 million to construct a new production site in US to serve not only the US markets but the entire American region. The new production site will be the Group’s first manufacturing site outside of India, and is based on a positive outlook. A greenfield project, the new production site in US will have a yearly production capacity of about 20,000 MT. It will encompass the entire offhighway tyre segments, and target replacement as well as OEM markets in the US. The remaining tyre demand, considering BKT’s participation in the various offhighway tyre markets around the world, will be addressed out of India. Approved by the board of directors, the project to build the plant, is at an initial stage as of now. BKT is claimed to be scouting for an appropriate terrain. The choice of appropriate terrain is expected to be firmed up by the end of this year. With the acquisition of land expected to happen by the end of the first quarter of 2019, the project is scheduled to be up and running by March 31, 2021.