Bridgestone India Pvt. Ltd. today signed a Memorandum of Understanding with the Government of Maharashtra in order to establish a new manufacturing facility at Chakan near Pune. The firm will invest a total of about Rs 2,600 crore on the facility that will manufacture passenger car radial tyres (PSR) and truck and bus radial tyres (TBR). The Rs 2,600 crore worth facility will be spread across an area of 770,000 square meters. Bridgestone claims that the PSR production will commence by January 2013 followed by the TBR production by August 2013. The firm also expects to reach a production capacity of 10,000 units of PSR and 3,000 units of TBR per day by the year 2020.
The MoU was signed at a high profile ceremony in Mumbai during which Shri Ashok Chavan, the Honourable Chief Minister of Maharashtra and, Mr. Takashi Urano, Vice President and Senior Officer International Tire Business Operations, Bridgestone Corporation were present. “We welcome this initiative by Bridgestone and are confident of the impact that will have on our economy. Apart from significantly contributing towards large scale job creation, Bridgestone’s new manufacturing plant will emphasize Maharashtra’s position as a leading global business hub and the most attractive investment destination in the country,” said Shri Ashok Chavan, the Honourable Chief Minister of Maharashtra.
In a thanksgiving tone, Mr. Urano said, “Bridgestone is a strong believer in the India success story and we are confident that the country is well on its way to becoming one of the most influential and powerful economies in Asia. Apart from the near 10 percent predicted sustained growth, we view India as a highly robust economy with extremely sound fundamentals, and a highly evolved regulatory environment. The opportunities that India offers within infrastructure and its allied sectors are tremendous. Furthermore the vision behind setting up our manufacturing plant in Maharashtra is to capitalize on the State’s international reputation and to generate significant employment opportunities for the local populace in the future.”
“The decision to expand our manufacturing capabilities in Maharashtra is an important milestone towards responding rapidly to market trends.” Elaborating on the choice of Maharashtra for the location of the project, he said that the new plant will have an excellent access to major cities, as it is located 170 km southeast of Mumbai. Deliveries to our customers will be enhanced and made easier. “This project would target manufacturing of passenger car radial tyres and, truck and bus radial tyres which are expected to contribute significantly in servicing the growing market and reiterate our presence in this region,” said Mr. Hiromi Tanigawa, Managing Director of Bridgestone India.