Company to produce tyres for global construction, industrial and earthmoving sectors with majority stake in German company helping distribution in Western markets
Indian off-the-road (OTR) tyre maker Mahansaria Tyres has announced the start of production of a new brand of OTR tyres in its Gujarat, India-based facility and the acquisition of a majority stake in European Agriculture Tyre Distributors GmbH as part of its widening global outreach.
Mahansaria Tyres Private Limited (MTP) said its new brand, ASCENSO, will offer a wide range of world class OTR tyres, manufactured in its “state-of-the-art greenfield off-highway tyre manufacturing facility in Panoli, in the western Indian state of Gujarat”.
Set up with an investment of over $100m, the plant is spread across 127 acres of land and has a capacity of 40,000 MT/annum in its first phase, said a statement from MTP. The plant will produce tyres to cater to the growing demand in the Industrial, construction and earthmoving, and agricultural applications.
The plant was inaugurated virtually by the MTP chairman Ashok Mahansaria and MD and CEO Yogesh Mahansaria, who appreciated the team effort that went into bring the facility on stream despite the challenges posed by the Covid-19 pandemic.
Yogesh Mahansaria said: “Our goal is to build a strong presence in the global OTR 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 applications 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. The 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 the 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”.