NOVEMBER 20238SHAKTI HORMANN TO SETUP INDUSTRIAL DOOR MANUFACTURING UNIT IN JAIPURJK TYRE TO INCREASE PRODUCTION CAPACITY CATERING TO RISING DEMANDShakti Hörmann, a company that manufactures commercial, industrial, and residential doors, announced on Wednesday that it will invest 175 crore to construct a 2-lakh square foot manufacturing plant in the Mahendra world city of Jaipur, which will be operational in the Q2 of 2024.Shakti, based in Hyderabad, has launched a new range of doors for the B2B and B2C segments. The company has opened two Experience Centres in Hyderabad and New Delhi to provide consumers with an opportunity to experience the doors.The Managing Director said that branded factory-finished doors are not available in India, and in order to meet the changing demands and needs of this market, particularly the growth of high-rise apartment complexes, it is essential to have an experience center.The company currently has the capacity to produce over two lakh custom-made doors, door frames, and over 10,000 industrial doors a year. The company, which sells 1.10 lakh doors a year, registered a turnover of 270 crore last year. JK Tyre and Industries plans to invest Rs 1,025 crore to increase production capacity by a fifth to meet the growing demand for tires in the domestic automotive market. The company, which is currently utilizing 95 percent of its existing annual tire capacity of 155.11 lakh, plans to increase its production capacity by about 20 percent by October 2025. The expansion is planned to be financed through equity/internal accruals and liabilities.Raghupati Singhania, chairman and managing director of JK Tire and Industries, told ET that the company is planning new investments to increase capacity amid strong demand from the local market.JK Tire and Industries on Nov 1 reported a nearly fivefold increase in group net profit to 249 billion rubles in the second quarter, compared with about 50 million rubles in the same period last fiscal, driven by operational efficiencies, product premiums in various segments and impairment. Prices of raw materials,On a consolidated basis, net revenue went up four percent to Rs 3,905 crore from Rs 3,764 crore in Q2FY23. EBITDA (Earnings before interest, tax, depreciation and amortization) increased to Rs 597 crore, as against Rs 305 crore in the year-ago period. TOP STORIES
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