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Apollo Tyres plans $ 1 bn investment

Apollo Tyres plans $ 1 bn investment

Apollo Tyres has reportedly lined up $ 1 billion in investments with an eye to grab the No 1 position in the Indian tyre market and cross Rs 20,000 crore in revenue by 2020. The planned investment will go into setting up a new plant in Andhra Pradesh and expansion of capacity at its Hungary facility as it forges new ties with automobile companies Ford, Volkswagen and BMW to serve them in Europe. The Andhra Pradesh plant will call for an investment of Rs 3,800 crore, which will create a capacity of 15,000 car radials a day and 3,000 truck tyres once it is commissioned by the first quarter of 2020. The Chennai plant’s truck and bus radial capacity is being expanded to 12,000 tyres a day by end of the current quarter from 10,000 tyres a day. Apollo has a market share of 30 per cent in the truck and bus radial segment and 19-20 per cent in passenger vehicles, which it is expanding with increased replacement demand and more OEM contracts.

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