JK Tyre secures €30 million loan for expansion of production capacities in Madhya Pradesh – CNBC TV18
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The new loan will help to continue this transformation, for example by allowing the boiler for the expansion facility to be operated using biomass rather than coal. As well as JKTIL is currently developing tyres made of recycled material, which are expected to be market-ready in the near future
Joachim Schumacher, a member of the DEG Management Board, said, “The JK Organisation is a longstanding customer of DEG’s. We are now looking forward to working together with its tyre Company as well. Our portfolio companies share a clear commitment to transformation, to the UN’s environmental and climate goals, and to reducing carbon emissions substantially.”
Also Read: JK Tyre Q2 Results | Rising rubber prices, slack demand hit numbers, net profit skids 44%
In the past years, the company has already initiated various transformative measures for adopting a resilient and more sustainable position. For example, JKTIL already meets 40% of its energy needs through green electricity that it produces itself and is ranked among the top 3 companies in terms of lowest in energy consumption globally.
Dr Raghupati Singhania, Chairman and Managing Director of JK Tyre & Industries, said, “We are pleased to be associated with KFW-DEG for providing funding of EUR30 mn. for our Passenger Car Radial (PCR) tyre expansion project being set up for an estimated cost of EUR I4 mn. The said investment will further strengthen JK Tyre’s market presence in the PCR segment and foster economic and social development in the country.
Shares of JK Tyre & Industries Ltd ended at ₹408.80, up by ₹1.45, or 0.36% on the BSE.
Also Read: JK Tyre approves merger with arm Cavendish Industries, announces 92:100 share exchange ratio
First Published: Dec 12, 2024 11:14 PM IST
