Cheng Shin investing in India & Indonesia
Cheng Shin Rubber Industry Co. Ltd. is planning to boost capital investment at its Maxxis Rubber India Pvt. Ltd. and P.T. Maxxis International Indonesia subsidiaries.
Maxxis Rubber India is to receive $15 million “for the procurement of feedstock and as a supplement for operational funding,” according to Cheng Shin, which takes the India unit’s total investment to $92 million. It runs a plant in Gujarat province that came on stream in mid-2017 with a daily capacity of 20,000 motorcycle tires in phase one.
P.T. Maxxis International is to receive a $30 million investment, putting its total investment at $110 million. The funds will be used “for the procurement of production equipment and as a supplement for operational funding,” Cheng Shin said.
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