The funding will support the expansion of tyre manufacturing capacity, focusing on Passenger Car Radial (PCR) tyres at JK Tyre's Banmore plant in Madhya Pradesh and Truck and Bus Radial (TBR) tyres at CIL’s Laksar plant in Uttarakhand.
21 Jan 2025 | 8586 Views | By Autocar Pro News Desk
JK Tyre has secured a $100 million sustainability linked loan from the International Finance Corporation. The funding includes $30 million to JK Tyre & Industries Limited and up to $70 million for Cavendish Industries Limited (CIL), a subsidiary of JK Tyre.
The funding will support the expansion of tyre ...
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JK Tyre has secured a $100 million sustainability linked loan from the International Finance Corporation. The funding includes $30 million to JK Tyre & Industries Limited and up to $70 million for Cavendish Industries Limited (CIL), a subsidiary of JK Tyre.
The funding will support the expansion of tyre manufacturing capacity, focusing on Passenger Car Radial (PCR) tyres at JK Tyre's Banmore plant in Madhya Pradesh and Truck and Bus Radial (TBR) tyres at CIL’s Laksar plant in Uttarakhand. The initiative aims to promote energy-efficient tyre production, strengthen local supply chains, and create jobs.
Dr. Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries said that this will strengthen their relationship with IFC, and fund their growth plans. "This reaffirms our commitment to sustainable development, while embracing a holistic approach to bolster our presence in key product segments."
Riccardo Puliti, IFC’s Regional Vice President for Asia and the Pacific said, "The SLL Sustainability-Linked Loan, a first in India’s tyre industry, aims to set a benchmark and catalyze widespread adoption across the manufacturing sector."
The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 20 tyre manufacturers in the world with 11 globally benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 2 in Mexico – that collectively produce around 35 million tyres annually.