JK Tyre & Industries on Tuesday said it has received a USD 100 million sustainability-linked loan from the International Finance Corporation (IFC). The funding includes USD 30 million for JK Tyre and up to USD 70 million for Cavendish Industries Ltd (CIL), a subsidiary of the company, the tyre maker said in a statement.
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The funding will support the company's expansion of passenger car radial (PCR) tyre capacity at the Banmore plant in Madhya Pradesh, it added.
The capital would also be utilised to expand truck and bus radial (TBR) production capacity at CIL's Laksar plant in Uttarakhand, it added.
The initiative aims to promote energy-efficient tyre production, strengthen local supply chains, and create jobs, JK Tyre said.
«By aligning financing to sustainability goals, we aim to drive positive environmental and social impact while achieving our growth objectives,» JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said.
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