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Apollo Tyres to invest Rs 4,000 crore in Chennai plant in FY17

 LouiseSpenser
  67
 May 29, 2024

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NEW DELHI: Apollo Tyres, which tried to acquire Cooper Tires in 2013 but ended in failure, will now stop acquisitions and focus on organic growth to expand its business.

The Gurgaon-based company plans to invest Rs 40 crore in the next fiscal to double the capacity of its manufacturing plant in Chennai and open a new plant in Hungary.

“Today we are not looking at inorganic growth, there is no opportunity in the market,” Managing Director Neraj Kanwar told The Economic Times.

Mainly to meet the demand in the domestic market, doubling the capacity in Chennai to 12,000 per day Meanwhile, when the Hungarian plant comes on stream in January, 2017, Apollo Tires It will expand its presence in Europe and the United States. The company is committed to establishing a distribution and sales network in the United States.

Apollo Tires entered the two-wheeler segment on Monday with the launch of the Apolloo Acti range for motorcycles and scooters. Originally planned to focus on the domestic alternative market, it also plans to enter the ASEAN two-wheeler tire market in the future. Kanwal said the company has been selling all types of tires except two-wheelers so far. “The two-wheeler industry in India has been growing and now is the time for us to enter this segment.”

The two-wheeler category in India is growing at around 8.5%. The country’s two-wheeler fleet is estimated to be around 120 million.

The company plans to sell 500,000 two-wheeler tires per month over the next two years, which is equivalent to a market share of around 10%.

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