Mahansaria Tyres Private Limited (MTPL) has announced the commencement of commercial production at its state-of-the-art greenfield Off-Highway tyre manufacturing facility in Panoli, District Bharuch, in the western Indian state of Gujarat.
The company has stated that an investment that exceeds $110 million has been put into the making of the MTPL production facility in Panoli which is spread across 127 acres of land. The plant is located in a Special Economic Zone which means better connectivity and facilities. The plant has the capacity to manufacture 40,000 MT per annum. The plant will produce tyres to meet the country's growing demand for Agricultural, Industrial and Earth-moving equipment tyres.
The plant was inaugurated virtually by the Chairman, Mr Ashok Mahansaria, Managing Director and CEO Mr. Yogesh Mahansaria in the presence of important members of their organization.
Speaking at the inauguration, Chairman, Mr Ashok Mahansaria appreciated the untiring efforts of all team members to successfully bring on stream the plant despite the challenges posed by the COVID pandemic.
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Commenting on the start of a new journey in the Off-Highway Tyre segment Mr. Yogesh Mahansaria, Managing Director and CEO said, “Our goal is to build a strong presence in the global Off-Highway Tyre market. The company has a robust product offering in the pipeline starting from Bias to high end Steel Radial, and All Steel Belted tyres which will address the toughest application, in the segment.
"We are extremely positive about the global market and believe that the market has significant opportunity and room for a new brand in the value segment. Through our new brand "ASCENSO", we are committed to offer a wide range of world – class tyres that will help our customers unlock the true potential of their business, he added
"World is witnessing tough times but our brand mantra of "Never Stop Rising" will help all our stakeholders in sailing through these times and rise successfully. Our acquisition of a majority stake in European Agriculture Tyre Distributors GmbH is a first step in building a robust distribution in a highly competitive market of Europe. We are also grateful to all our business partners globally who have shown their extreme confidence in our endeavour and partnering with us from the very beginning of this journey", he concluded.
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About Mahansaria Tyres Private Limited:
Mahansaria Tyres is promoted by reputed Indian entrepreneurs, Mr. Ashok, and Mr. Yogesh Mahansaria. The company focuses on the global Off Highway tyre market, where the promoters have an experience of more than three decades. The company is backed by the most reputed and leading financial institutions International Finance Corporation, USA (IFC- part of the World Bank Group) and DEG , Germany (part of the KFW group)
