The RPG Group-owned tyre maker will invest about Rs 1,200 crore to increase production capacity over the next 18-24 months, as part of a four-year, Rs 3,500-crore capex plan, which it had put on hold due to the Covid-19 pandemic last year after pumping in over Rs 2,200 crore.
"The commercial vehicle segment is focussed on optimising total cost of operations to achieve higher profitability. The V-STEEL Mix M721 is targeted towards the general cargo segment, which is the largest portion of the CV segment and delivers 15 per cent extra tyre mileage and subsequent reduction in cost per kilometre (CPK) for the fleet operators." said Parag Satpute, Managing Director, Bridgestone India.
With the Zoom Cruz tyres, CEAT marks its entry in the 650cc segment for any two-wheeler as well as the twin-engine cylindrical motorcycles segment, the company said.
"We are proud to further strengthen our partnership with Hyundai India for Creta. Through this collaboration, we aim to provide supreme-quality tyres with cutting-edge features," said JK Tyre and Industries Technical Director V K Misra.
The Directorate General of Foreign Trade (DGFT) has sought the undertaking from importers that are also required to furnish records for the past three years.
The agency expects that segment-wise, two- or three-wheeler tyre capacities will be utilised 70-75 per cent and passenger car radials by 80-85 per cent by 2023-24, after factoring in the additional capacities under set-up or ramp-up.
The expansion will enable increased export volumes to the Asia Pacific (APAC) region, favourably impacting the company's production cost and profitability, Continental said in a statement.
This investment is planned to be made over a three year period this will result in an increase in 2 & 3-wheeler tyre capacity by 25-30% and doubling of off-highway tyre capacity from current levels. The investment is planned to be funded by a mix of debt and internal accruals.
The compact SUV market in India is set to grow exponentially in the coming years, and CEAT has best in class product offering in this segment, the company said in a release.
To attain 5 per cent market share in Tamil Nadu by 2021, Maxxis will focus on the top level tyre dealer showrooms to promote the range of tyres both for the scooter and motorcycle segment, said the company.
“There is substantial increase in imports of subject goods from subject country in absolute terms as well as in relation to production and consumption in India as compared to the previous years…The Domestic Industry has suffered material injury… caused by the dumped imports,” DGTR said in a notification.
The home-grown tyre major had acquired the Netherlands based Vredestein Banden BV (VBBV) for an undisclosed sum in 2009 from Russia's bankrupt largest tyre manufacturer Amtel-Vredestein NV.
In the past, CEAT has associated with Royal Enfield by supplying tyres for Bullet Classic 350, Bullet Standard/Electra, Classic 500 and Himalayan models of its bikes, the company said in a release.
Tyre maker Ceat is looking at export opportunities for its speciality tyres in Europe and North America, and is also exploring new markets for radial tyres for buses and trucks, a senior company executive said.
The Competition Commission of India (CCI) last year ordered a probe after Haryana said JK Tyre employed unfair trade practices while bidding to supply tyres for public transport vehicles, a court filing showed.
