BIL is just about to conclude a large capex cycle (~| 2,000 crore in FY1921E) and has announced a fresh capex programme amounting to another | 1,900 crore in the next 18-24 months. It comprises (i) brownfield tyre expansion for | 800 crore by H2FY23E (adds 50,000 MT per annum capacity to take total capacity to 3.35 lakh MT pa; ~four-year payback period), (ii) carbon black expansion for | 650 crore by H1FY23E (takes capacity to 2 lakh MT pa from present 1.15 lakh MT pa; includes 30,000 MT pa for advanced carbon material; ~five to six year payback period) and (iii) modernisation capex of | 450 crore by H1FY23E; ~five-year payback period. Expanded...