Madurai, December 8, 2020:
TVS Srichakra Ltd, a part of TVS Group and India’s leading manufacturer of 2 & 3 wheeler
and off-highway tyres, plans capital expenditure of Rs 10 billion to ramp up manufacturing in
its Madurai (Tamil Nadu) and Pantnagar (Uttarakhand) plants. The investment, which will be
made over a three year period, will result in an increase in 2 & 3 wheeler tyre capacity by 25-
30 per cent and doubling of off-highway tyre capacity from current levels. The company’s
manufacturing facilities in Madurai and Pantnagar has a production capacity of over 3 million
tyres a month. The investment is planned to be funded by a mix of debt and internal accruals.
TVS Srichakra - the maker of TVS Eurogrip brand of tyres - supplies tyres to the leading two
and three wheeler manufacturers that operate in India, besides holding a significant presence
in the domestic after market. The company is also a leading exporter of 2 & 3 wheeler tyres.
The expansion program being undertaken will focus on setting up additional capacities in this
space to cater to growing demand across its customer base – both domestically and globally.
Included in this investment, is a plan to enhance capacities in the company’s pioneering range
of radial tyres and other premium products.
The investment outlay will also significantly increase TVS Srichakra’s capacities and
technological capabilities in the off-highway tyre segment, with a clear focus on global
S Ravichandran, Director, TVS Srichakra Limited, said, “With a wide distribution network in
India, growing international presence and building state-of-the-art capabilities in R&D and
product development, we are further strengthening our manufacturing capabilities to cater to
the growing demands in India and abroad. We believe that this capital outlay will enable TVS
Eurogrip to further its growth aspirations and help strengthen its partnerships with vehicle
manufacturers and create new benchmarks in the replacement and global markets. This
investment reflects our fullest confidence in India’s recovery and its prospects in the medium
to long-term and is our contribution to Atmanirbhar Bharat”.
TVS Srichakra Ltd had earlier, in FY 19-20, announced the launch of its new brand TVS
Eurogrip as well as a new range of products. The company had also announced the setting up
of its product design centre in Milan, Italy, in FY 19-20. TVS Eurogrip has been focusing on
furthering its gain in aftermarket while strengthening its OE presence. The initial response to
the new products launched in the previous fiscal have been encouraging. TVS Eurogrip will
further expand its portfolio in domestic and global markets.
Incorporated in 1982, TVS Srichakra Limited is one of the flagship companies of the $ 8.5
billion TVS Group which is India’s largest auto ancillary conglomerate. With global research
and development capabilities and cutting-edge technology, TVS Srichakra produces industry
leading tyres for the automotive sector in India and worldwide. Headquartered in Madurai,
the company has manufacturing facilities in Madurai and Pantnagar, and a design centre in
Milan (Italy) supporting the R&D centre in Madurai.