Mumbai: Apollo Tires has acquired German tire distributor Reifencom GmbH for €45.6 32.4 lakhs (~€3.24 lakhs (~Rs 3.24 crore). this will bring our brand closer to European customers.

“This will help Apollool improve its distribution channel portfolio in Germany and Europe and improve Apolloo & Vrestein Tires offline visibility, especially in the fast growing online retail space,” said Kanwar, Vice President, Apollo Tires Reifencom Neeraj. Reifencom will have 37 stores Apollo Tires has a service center in Germany and operates e-commerce portals in Germany, France, Italy, Austria, Switzerland and Denmark. in 2009, Apollo Tires acquired Dutch tire maker Vredestein Banden and, as a result, strengthened its presence in India for an undisclosed amount. in 2009, Apollo Tires acquired Dutch tire maker Vredestein Banden and, as a result, strengthened its presence in India for an undisclosed amount. In 2009, Apollo Tires acquired Dutch tire manufacturer Vredestein Banden, thereby strengthening its presence in India for an undisclosed amount.

In August this year, it announced a greenfield plant in Hungary with a capital expenditure of Rs 226 crore, which is expected to start production in early 2017.

Apollo Tires Gaurava Kumar said the acquisition of Reifencom it will help strengthen its business in Germany, which is the largest contributor to the company’s 4.5 about €31.95 billion Rs 100 crore) European business.

“The online marketplace currently accounts for one-third of all tire retail sales in Europe. The biggest advantage of this acquisition is that it allows us to provide a platform closer to our European customers immediately after the deal is announced on the major exchanges. He told The Economic Times. However, while some e-commerce portals in India have started selling tires online, we think it is still too early to decide whether they will replicate Reifencom’s online sales model in the European tire market. The market is expected to grow by 2% over the next 3-5 years. Kumar definitely plans to expand the business and extend it to the rest of Europe, but he says it is still too early to predict the scale of growth. Especially in the fast-growing online retail sector.