Seeking to increase its market share in India, Japan-based Yokohama Tyres is planning to ramp up production capacity at its Haryana plant and has undertaken a feasibility study for the same.
"We began our first production in November, 2014 at our plant at Bahadurgarh (Haryana). The plant investment was around Rs 300 crore. "Right now, phase 1 is operational. Phase II and III are under feasibility", Yokohama India General Manager Sanjay Chatterjee told PTI here.
The move to ramp up the plant capacity and to increase the market share was in the backdrop of domestic rubber industry growing at a rate of eight to 10 per cent, he said.
"The domestic replacement tyre market is growing at eight to 10 per cent. For 2015, our sales target is 40 per cent higher than last year. We are growing. One of the successes is our Earth-1 tyre because it is a specific tyre and made in India tyre", he said.
The company's manufacturing plant at Bahadurgarh, spread across 25 acres, can be expanded in four phases taking total capacity to 8,000 tyres per day from the present 2,000 tyres.
"Our plan is to reach out to full capacity of 8,000 tyres per day. Right now, it is 2,000 and we want to increase it to 8,000 tyres per day. That is our first target," he added."