New Delhi, Nov 8 (IANS): Diversified business group JK Organisation, with interests in tyre, cement and paper, among other sectors, Friday said it is on an expansion spree despite the slowdown in the country's economic growth.

The organisation plans to invest Rs.1,430 crore to expand capacity for the production of trucks, buses and car radial tyres at its plant near Chennai over the next 15 months.

JK Tyre plans to tap the growing demand for radial tyres with increased capacity.

The other flagship business, JK Lakshmi Cement, also announced its expansion plans with a cost structure of Rs.1,550 crore, involving setting up of a 2.7-million-tonnes-a-year (mtpa) greenfield project at Durg, Chhattisgarh, along with a captive limestone mine and two grinding units.

JK Paper has commissioned its Rs.1,750 crore expansion at Rayagada, Orissa, adding nearly 60 percent to its paper production capacity.

“The expansion comes at a time when the general economic scene is slow, costs are on the rise and the paper industry has seen a huge increase in capacity in recent years, particularly in the printing and writing paper,” JK Organisation said in a statement Friday.

The company celebrated its Founder’s Day Thursday, to mark the 129th birth anniversary of Lala Kamlapat Singhania, under whose leadership JK Organisation was established.

“JK Organisation has been one of the pioneers in creating job opportunities in a big way. The Group has been instrumental in making India self-reliant by creating manufacturing facilities for locally produced goods that are globally competitive,” said Najma Heptullah, former deputy chairperson of the Rajya Sabha, who was the chief guest at the event.