JK Tyre scouting for acquisition in South East Asia
New Delhi: Aiming to expand its global footprint, JK Tyre is exploring possibilities to acquire a company in the South East Asian region.
"We are looking at various opportunities, including acquisitions in the South East Asian region but nothing has been decided yet," JK Tyre & Industries Vice Chairman and Managing Director Raghupati Singhania told reporters.
The process is at a very initial stage and the company would proceed slowly, he added.
In 2008, JK Tyre had acquired Mexican tyre major Tornel for Rs 270 crore. Currently, about 75 percent of Tornel`s annual production of 66 lakh units is sold in the Mexican domestic market.
"Right now we are not interested in any American firm as we have already made inroads into that market. We are looking at other markets," Singhania said.
On the domestic front, the company is set to hike rates of its products by up to 10 percent by early next month on account of increasing commodity prices.
"The prices of all raw materials have gone up. Natural rubber, synthetic rubber, nylons -- all are getting expensive. Our team is looking at reviewing the prices to suitably adjust with our margins," Singhania said.
By early next month, the company will increase prices of
tyres across all categories, he added.
"It (price rise) will be between 5 percent and 10 percent depending on various raw materials used in different types of tyres," Singhania said.
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