JK Tyre & Industries Ltd. Has announced its plans to invest Rs 1,430 crore to boost capacity at its Chennai plant - the producer of acclaimed radial tyres.

The planned investment will boost the facility's truck & bus radial tyre capacity by 8 lakh and car tyre production capacity by 20 lakh per annum.

Announcing the plan, the company said in a statement, "We have earmarked a capex of Rs 1,430 crore to increase our truck and bus radial capacity by eight lakh tyres per annum and car radial capacity by another 20 lakh tyres per annum at the Chennai plant."

In addition, the manufacturer will invest Rs 140 crore in its Mexican subsidiary Tornel to ramp up annual capacity by 18 per cent from current 3.2 million tyres. After ramping up production capacity at Tornel, the Indian company would introduce Tornel brands in the local market.

The announcements about the planned investments were made at the occasion launch of new products. The company launched 10 new products for passenger cars, trucks, and light commercial vehicles. Some of the new tyres have been designed for luxury cars like BMW, Audi and Mercedes.

The current Indian tyre market has been estimated between Rs 46,000 crore and Rs 50,000 crore. JK Tyre, which had a turnover of around Rs 5,444 crore as on March 31, 2013, aims to increase it by another Rs 300 crore.