Commenting on the feat, JK Tyre Chairman and Managing Director Raghupati Singhania said, "As a pioneer and market leader, we remain committed to driving innovation and bringing products for our fleet customers that are high on efficiency, safety and cost effectiveness".
The decision to extend warranty on tyres has been taken to express solidarity with customers amidst the continued lockdown, Ceat Tyres said in a statement. The extention is valid on tyres whose warranty is due to expire between March 1 and May 31, it added.
The tyre maker has commenced production in a graded manner at its manufacturing facilities in Chennai (Tamil Nadu), Kankroli (Rajasthan) and Laksar (through Cavendish industries Ltd - subsidiary company, in Uttarakhand). The company has also resumed operations at its global research and development hub located in Mysore, Karnataka, JK Tyre said.
"We would like to state that based on various relaxations and guidelines issued by the Ministry of Home Affairs, Government of India and by the respective state governments and permissions from local authorities, the company has partially resumed its operations in most of its plants with restricted manpower," MRF said in a filing.
All tyre manufacturing facilities have stopped functioning and the industry now expects to resume operations only by mid-April. " We have estimated the loss assuming things will get better from August,’’ said Rajiv Budhraja, director general of Automotive Tyre Manufacturer’s Association.
The expected financial impact of the above is not ascertainable at this stage and the duration of this shutdown will depend upon directives to be further issued by the respective government authorities in this regard, said Apollo Tyres.
The company is investing USD 400 million on its first manufacturing plant at Sanand in Gujarat, where it is working to hike output to 60,000 units of two-wheeler tyres per day from the current 20,000 units a day, as part of the project's phase I expansion.
The Board of Directors of Apollo Tyres today approved an issuance of compulsorily convertible preference shares in the company worth Rs 10,800 million (approximately US$150 million) to an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing. The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals.
The latest technology combines the best of traditional electroplating, and new age requirement for environmentally safe and compliant ‘black’ colour, said the company, adding that the premium electroplating process guarantees a rich, lustrous, silky smooth chrome-plated blackness.
Already sitting on a debt of Rs 5000 crore, the company has decided to defer Rs 675 crore investment by a year in Cavendish Industries (a firm it acquired in 2016 from B K Birla Group) to ensure lean operations. With series of cost cutting initiatives and expected improvement in capacity utilisation, the company’s CFO Sanjeev Aggarwal said J K Tyre is planning to pare its debt to more than half in the coming three years.