Off-highway tyre manufacturer Balkrishna Industries Limited (BKT) Friday said it is working on a Rs 2,000 crore expansion plan in India to meet the increasing demand of its products globally.
The company is planning to set up a modern carbon black manufacturing facility at its plant in Bhuj, Gujarat.
"The company is working on a Rs 2,000 crore expansion plan," BKT's Chairman and Managing Director Arvind Poddar said.
Poddar was speaking to Indian journalist here at the international agri machinery exhibition SIMA.
Expecting healthy demand, he said farmers in India want good machines and the government too was focusing on the agriculture sector.
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Currently, the company's share in the off-road tyre market in India is 7-8 per cent and it is "looking at increasing the share to 15 per cent in the next three to four years", he said.
Poddar also said the company will shift its Aurangabad plant to a new location. The project will be completed in 18 months at a cost of Rs 450 crore.
The company has five facilities in Maharashtra, Rajasthan and Gujarat.
Poddar said during the last financial year 2017-18 the company's turnover stood at Rs 4,500 crore.
"We are expecting this will increase to Rs 5,000 crore during the current financial year. We are expecting 10 to 15 percent growth in the years to come,'' he added.
The company mainly exports its tyres to Europe, America and Australia.
Currently, Europe accounts for about 52 per cent of its total exports.
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