ATC Tires AP Private Limited ( ATCAP ), an Indian subsidiary of Yokohama Rubber, has secured an US$82 million loan from Japan Bank for International Cooperation ( JBIC ), Mizuho Bank, MUFG Bank, and the Bank of Yokohama. JBIC is providing US$49 million.

The company will use the funds to expand facilities for its passenger car tyre manufacturing and sales business in India.

India, the world’s third largest automobile market in 2023 in terms of units sold, is expected to grow further, according to JBIC. Yokohama Rubber plans to increase sales by improving the production capacity and cost competitiveness of its passenger car tyre business amid rising demand in the country.

The loan will support Yokohama Rubber’s overseas business expansion, thereby strengthening supply chain resilience while maintaining and improving the international competitiveness of the Japanese automobile industry.

Yokohama Rubber aims to achieve net-zero greenhouse gas emissions in its operations and 100% usage of sustainable raw materials by 2050. In India, it aims to increase the procurement rate of renewable energy and introduce sustainable raw materials.