The board of directors of Balkrishna Industries Limited has approved a capex plan of up to USD100 million for setting up a Greenfield tire plant in the USA.
The new facility will come up through a wholly owned subsidiary. The company shall also incur capex of up to Rs 1,000 crore for its operations in India.
The entire capex will be completed within a period of 30 months. This is in addition to the current capex underway for the Carbon Black Plant.
According to the company, the current sales volume has been around 30,000 MT in Americas. “We are seeing increased traction in sales volume over the next few years. ln view of this, a local plant would accelerate our growth prospects in this region. The Board of Directors has therefore approved setting up of a greenfield project,” it said.
Image Credit : philchamp.com