Meanwhile, JK Tyre completed the purchase of a 100 per cent stake in Mexican manufacturer Tornel last month. The company had spent Rs 270 crore for buying a controlling stake in the Mexican company.
The strategic location of Mexico will enable the company to have free access to North American Free Trade Agreement (NAFTA) trade block and emerging economies of central and southern America. The combined entity will have a capacity to produce 940 tonnes a day from the current 650 tonnes.
The company reported a 67 per cent jump in net profits to Rs 23.02 crore (Rs 13.75 crore) for the fourth quarter ended March, 2008. The net sales had increased by 11 per cent to Rs 829.96 crore (Rs 746.84 crore) during the quarter.
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