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Tyre major Bridgestone India today said it will invest USD 304.3 million (around Rs 1,940 crore) over the next five years to expand its two manufacturing plants in Maharashtra and Madhya Pradesh.
The company, which is a part of Japan's Bridgestone Corporation, plans to expand facilities at Pune (Chakan) and Indore (Kheda).
The investment will be done in a phased manner over the next five years starting this year, Bridgestone India said in a statement.
"This investment affirms our commitment to expand Bridgestone's footprint in India, which is one of the fastest growing markets in the world," Bridgestone India Executive Director Kazutoshi Oyama said.
The investment will enable Bridgestone India to be equipped with advanced manufacturing technology and processes that will allow it to better serve its customers with superior quality products, he added.
The expansion of the plants will enable Bridgestone to meet increased tyre demand in India, owning to growing vehicle population and production.
The production capacity of the two plants is expected to increase by around 15,000 tyres per day, bringing total daily production to around 41,000 tyres by 2022.
In addition to capacity expansion, the investment will also enable the company to enhance its products mix to cater to new models being launched in the domestic market.
The expansion will also help in creating 450 additional jobs for skilled manpower at the two facilities, Bridgestone said.
Tokyo-based Bridgestone Corporation is the world's largest tyre and rubber company.
Besides, selling tyres for use in a wide variety of applications, it also manufactures a broad range of diversified products, which include industrial rubber and chemical products and sporting goods.
The company's products are sold in over 150 countries around the world.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)