New Delhi, Dec 12 (PTI) JK Tyre & Industries on Thursday said it will receive a long term loan of 30 million euros from Germany's DEG.

The company will invest the funds in a sustainable expansion of production capacities at its Madhya Pradesh-based passenger car radial tyre facility, the tyre maker said in a statement.

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

JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said the project envisages total investment of 114 million euros.

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The said investment will further strengthen company's market presence in the PCR (passenger car radial) segment, he added.

The tyre maker said it has taken steps to adopt transformative measures for a resilient and more sustainable position.

The raised capital would help to continue this transformation, for example by allowing the boiler for the expansion facility to be operated using biomass rather than coal, it said.

JK Tyre shares ended 0.18 per cent up at Rs 408.10 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)