Apollo Tyres to set up 475 millon euro plant in Hungary
The Dollar Business Bureau India’s leading tyre-maker Apollo Tyres has announced it will soon establish Europe's largest greenfield plant in Hungary with a total investment of 475 million euros to manufacture about 62 lakh tyres for passenger cars and heavy commercial vehicles per year. The facility at Gyongyoshalasz in Hungry will start production early next year and will produce tyres to cater to the entire European market. "Construction of Apollo Tyres' first European greenfield plant at Gyongyoshalasz has started on April 10, 2015 and we will start production in early 2017. It will be Europe's largest greenfield tyres plant," Apollo Tyres (Hungary) KFT, Head - Project Controller, Amitabh Arya said to PTI. Once completed, the Hungarian facility will produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 675,000 heavy ...
Apollo Tyres to double capacity at Chennai plant
The Dollar Business Bureau Apollo Tyres the premier tyre company in India plans to double the capacity at its Chennai plant with an investment of around Rs 2,700 crore as a part of its 2020 Building Leadership vision. Speaking to the media, the company’s spokesperson Satish Sharma, President, Apollo Tyres, Asia Pacific, Middle East and Africa said, “We are ramping up production at Chennai facility from 6,000 units to 12,000 units (per day) with investments of Rs 2,700 crore. It will happen in 24 months. We are beginning the exercise from this October.” He said the company had planned to increase the capacity in 2008 itself. Apollo Tyres had commenced production at the Chennai plant in 2010. The company’s current production capacity ...
Investing Rs 3k cr to double truck, bus tyre capacity: Kanwar
PTI Apollo Tyres is investing about Rs 3,000 crore to double manufacturing capacity of its truck and bus radial tyres, according to its Chairman Onkar S Kanwar.He further said that domestic tyre manufacturers are facing "big challenges" from cheap imports from China, which has now accounted for up to 35 per cent of the market in India."The company is investing almost Rs 3,000 crore in doubling of capacity of truck and bus radial tyres," Kanwar told reporters here late evening yesterday, ahead of the Annual General Meeting of the company here.He said the expansion of the company's Chennai facility to increase the truck-bus radial facility from 6,000 tyres per day to 12,000 tyres per day is underway.Apollo Tyres is investing Rs ...
Apollo Tyres intensifies focus on Malaysian market
The Dollar Business Bureau In a bid to make its presence felt in the country, Apollo Tyres announced that it has opened an office in Malaysia. The company, which is the 17th largest tyre-maker in the world, has its offices in Thailand and Indonesia. For the past two years, Apollo has been making constant attempts to enter Malaysia, the third largest automotive manufacturer in the ASEAN, as that will serve for better growth of the company in the region. The Indian based company’s product range matches with the requirements of Malaysian consumers. With retail and distribution partners backing, Apollo Tyres till date penetrated into many key replacement tyre market. With its base firmly established in Malaysia, the company believes in placing its focus on ...
Apollo Tyres net profit grows by 12%
The Dollar Business Bureau Apollo Tyres, which is the 17th largest tyre-maker in the world, disclosed its financial statement of the fourth quarter ending in March 2016 and of FY2016. The net sales of the Gurgaon headquartered company stood at Rs.117 billion. The operating profit climbed to Rs.20.4 billion from Rs.19.8 billion recorded in FY2015, showing a 3% growth. The net profit of the firm stood at Rs10.9 billion from Rs.9.8 billion net profit registered in FY2015, indicating a 12% growth. In Q4, the net profit of the firm, stood at Rs.2.5 billion. The company aims to be the 10th huge tyre-maker with revenues of $6 billion by 2016. During the fourth quarter of FY16, Apollo tyres’ net sales and operating profit stood at ...
Cheap quality Chinese tyres burning a hole in the Indian tyre industry
The Dollar Business Bureau The cheap Chinese imports of tyres have resulted in burning rubber in the Indian tyre industry. The large inundation of imported tyre during the last 12 months have caused the Indian companies a lot of heat burn in the truck, bus and car radical replacement market. Sources in the tyre industry revealed that, already imported tyres consists a lurching 20% of the car and 25% of the truck radial replacement market which makes the import segment market leaders benefit a lot instead of biggies like JK Tyre, Apollo, MRF or Ceat. However the tyre dealers says that the imports of these tyres would meet the local quality standards, and are duly certified by the BIS and are way ...
