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JK Tyre is planning to invest around Rs 800 crore in its Chennai plant by the end of the current fiscal.
The investment is part of the company's phase-II expansion programme that was announced in October 2013 wherein it plans to invest Rs 1,430 crore.
Post the expansion, plant capacity for bus truck radial tyres will increase to 12 lakh per annum from 4 lakh. For passenger cars, it will rise to 45 lakh units per annum from 25 lakh.
The company is also planning to manufacture two-wheeler and three-wheeler tyres soon.
"We are doing some test marketing of both (two-wheelers and three wheelers tyres), in few months we will hit the market," said Arun K Bajoria, president - industrial operations , JK Tyre & Industries Ltd.
The expansion comes on the backdrop of increase in demand from OEMs, the company's foray into North American markets and growing replacement markets.
Bajoria said that 15% of the total tyres produced are exported.
The company recently launched its SUV multi-terrain tyres - Ranger. The company will also export these tyres.
JK Tyre reported a consolidated net profit of Rs 118 crore for the first quarter ended June 30, 2015, up 113% from Rs 55 crore in the corresponding quarter last year. The company achieved a consolidated turnover of Rs 1,952 crore.
