JK Tyre & Industries announced on Thursday that it will receive a long-term loan of €30 million from Germany's DEG (Deutsche Investitions- und Entwicklungsgesellschaft). The funds will be utilized to support the sustainable expansion of production capacities at the company's passenger car radial (PCR) tyre facility in Madhya Pradesh.

"The JK Organisation is a longstanding customer of DEG. We are now looking forward to working together with its tyre company as well," said Joachim Schumacher, a member of DEG's Management Board.

Chairman and Managing Director of JK Tyre & Industries, Raghupati Singhania, revealed that the total investment for the project amounts to €114 million. This strategic investment is expected to bolster the company's market presence in the PCR segment significantly.

The company emphasized its commitment to sustainability, highlighting steps toward a resilient and environmentally sustainable future. For instance, the boiler for the expansion facility will operate using biomass instead of coal, aligning with its transformative measures for greener operations.

JK Tyre shares closed 0.18% higher at ₹408.10 per share on the Bombay Stock Exchange (BSE).