NEW DELHI: Apollo Tyres plans to set up a subsidiary in Malaysia in the next two years, aiming to expand its global presence to capture around 15 percent of its total export revenues.

The Gurgaon-based company is also set to invest Rs 150 crore this year to expand the production capacity of its Truck Bus Radial (TBR) plant in Chennai from 60,000 to 10,000 vehicles per day to 90,000,000 vehicles per day.

The president of Apollo Tyres (Asia Pacific) said, “We have been working in Thailand for two years and we believe that Malaysia could be a similar market for us. We are looking at the market potential there and hope to establish an entity in the next two years,” he said. “You can do it,” he said. (Middle East and Africa) Satish Sharma told PTI.

He added that Malaysia is expected to have tax-related changes, which could help some markets perform like Thailand.

Commenting on the Malaysian market, he said that the country has huge potential for all types of tires for passenger cars, commercial vehicles and agriculture.

Apollo Tyres is registered in Bangkok and focuses on sales, while Dubai caters to West Asia North Africa, East and West Africa and South Africa.

India caters to all SAARC countries. He added that the company currently gets about 11% of its total revenue comes from exports and plans to increase this to 15% in the current financial year.

The net sales of the company stood at Rs. 1272.569 crore for the year ended March 31, 2015 as compared to Rs. 1331.032 crore in 2013-14.

Elaborating on the capex plans for this year, Sharma said, “We are planning to invest Rs 15 crore this year in TBR work plant in Chennai to take our daily production from the current daily production starting from 60,000 to take the vehicles to 90,000 lakhs per day.”

When asked about the company’s future plant in Hungary, he said that the project is on schedule.