Off-highway manufacturer Mahansaria Tyres Pvt. Ltd. (MTPL) has committed $100 million in new capital to build in-house design and production capabilities for giant All Steel Radial (ASR) mining tyres under the Ascenso banner. The move makes Ascenso only the second Indian tyre brand after BKT and one of just five non-Chinese producers globally capable of manufacturing 49-inch giant OTR tyres.
The plan now is to introduce even larger giant tyres up to 63-inch Mining Radials.
Produced at its Panodi facility in Gujarat, the giant tyre expansion represents a major product pivot for an off-highway specialist that currently exports over 95% of its output across 1,400 active SKUs. The facility is separate from the company's two-wheeler operations in Saika. Total installed plant capacity across all segments currently approaches 90,000 tonnes per annum. Ascenso manages facility expansion preemptively, adding equipment and line capacity whenever plant utilisation reaches the 55% to 60% threshold.
The $100 million commitment is allocated strictly for building ASR OTR manufacturing infrastructure, tooling, and engineering capabilities, rather than just expanding existing lines. This capital outlay is distinct from the company's prior investments in its AFC business, which have exceeded $100 million since operations commenced in 2019, the company explained.
Dhaval Nanavati, Chief Executive Officer of Ascenso Tyres, noted, "Over the past four years, our foundation in Agriculture, Forestry and Construction taught us how important it is to stay close to customers on the ground, and that is exactly the approach we are bringing to mining."
Historically, Ascenso's product mix has been heavily weighted toward agriculture, which accounts for roughly 60% to 65% of overall business, followed by construction at 25% to 30%, and forestry at 5%. The new $100 million allocation represents a targeted effort to build a second growth engine in heavy industrial radial tyres without diluting ongoing AFC capital expenditure.
About The Company
Mahansaria Tyres Pvt. Ltd. is majority-owned and promoted by the Mahansaria family, with the International Finance Corporation (IFC) holding a minority stake. The company has so far raised $65.8 million in three funding rounds, the latest one being in 2022. Mahansaria Tyres' revenue for the last reported financial year (FY25) stood at Rs 1,610 crore, with a net profit of Rs 139 crore. Ascenso competes with the likes of BKT, Emerald, and Alliance Tire Group, among several others. Ascenso operates a heavily export-driven business model, with exports accounting for over 95% of total revenue. The company services international markets through 100%-owned subsidiaries, including three distribution warehouses in the U.S. and a central warehousing hub in Germany. However, with the introduction of its ASR OTR line, Ascenso projects its domestic revenue share will grow to 15%–20% by 2030, driven by strong domestic mining demand.
Booming Mining Sector
The strategic shift comes as India’s mining sector undergoes accelerated expansion driven by increased output in coal, iron ore, bauxite, and limestone, alongside the government’s National Critical Mineral Mission and amended mineral block auctions under the MMDR Act.
Large open-pit mining operations in India’s primary mineral belts, including Odisha, Jharkhand, Chhattisgarh, Karnataka, Madhya Pradesh, and Rajasthan, have historically relied almost entirely on imported giant OTR tyres. In the 49-inch class (2700R49), annual domestic demand in India stands at approximately 3,000 tyres per year, a market long dominated by overseas manufacturers.
Yogesh Mahansaria, Managing Director of Ascenso Tyres, said, "India's mining sector is scaling up like never before, and the equipment that powers it needs tyres that can match that ambition. Building this capability in India, for India as well as the rest of the world, has been central to our thinking from the start."
Furthermore, operational efficiency drives the transition in mining fleet operations from traditional bias-ply tyres to all-steel radials. While bias tyres feature a load limit of approximately 25 metric tonnes per tyre, a 49-inch radial carries 27.5 metric tonnes (27,500 kg) per tyre. Radial construction also permits higher operating speeds, reducing cycle times and driving down Total Cost of Ownership (TCO), measured in Tonnes per Kilometre per Hour (TKPH). Although radial OTR tyres command a 50% to 100% price premium over bias tyres, mine operators prioritise downtime reduction and ton-mile efficiency over upfront acquisition cost.