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Demand outlook of Indian tyre industry remains favourable: ICRA
Over the past two years, the agency’s automobile production has fallen about 13 percent to 15 percent. Weak consumer confidence and slowing economic activity led to a decline in domestic tire demand of about 8 percent in the fiscal year 2021 weak consumer confidence and slowing economic activity. After two years of contraction, demand in the Indian tire industry is expected to grow by 13% in the current fiscal year, with the Original Equipment Manufacturer (OEM) segment growing by-15% and the Alternative Market segment growing by 7-9% .ICRA Rating Agency. ICRA said that based on the expected demand growth, the capital expenditure in the tire industry is expected to exceed Rs 20,000 crore by the fiscal year 2022 also said that the implementation of capital expenditure has been resumed in the last few years after a hiatus of a few months in improving the domestic export demand. It is. In FY25, part of the financing will be through debt financing. Demand outlook for the t...
ElmerDupont
47
May 31, 2024
JK Tyre, others firms face antitrust scrutiny in bid-rigging case
New Delhi: The antitrust regulator’s probe expanded to other areas after the government accused JK Tire Industries Ltd of bid rigging, according to sources and legal documents seen by Reuters. According to court documents, the Haryana Competition Commission has accused JK Tires of unfair trade practices in supplying tires for public transport vehicles and the CCI ordered a probe last year. Details of the incident and CCI’s preliminary evaluation are included9 in the monthly report. JK Tire 19 filed documents in state court challenging some of the regulator’s requirements. The documents accessed by Reuters have not been previously reported and the CCI’s current investigation into the cartel case has not been disclosed. The documents show that Haryana quoted a high price and told the CCI that JK Tires was the only bidder involved in the tender. The regulator participated in the bid on November 11 last year. A monthly probe was ordered saying that other ...
MamieJessie
45
May 31, 2024
Tyre maker Maxxis India eyes 5% market share in Tamil Nadu by 2021
The agency will also focus on attracting performance-and quality-oriented customers and strengthening its existing network of channel partners and resellers, the company said. Mumbai: Tire maker Magis India on Tuesday said it expects Tamil Nadu to account for 5% market share of its total tire sales in one of its fastest growing markets next year. Magis also plans to add 200 years of quality dealers in the South by 2021, the press release said. Currently, the tire maker has about 600 dealers in southern India. In a press release, Magis India said that apart from strengthening its existing facilities, the company also plans to focus on the country’s top tire showrooms to promote its two-wheeler range. Magis announced that it will focus on best tire dealer showrooms to promote its tire range in the scooter and motorcycle segments with a view to capture 5% market share by 2021 Tamil Nadu year. The company will also strengthen its existing network of channel partners and de...
PeteRaphael
45
May 31, 2024
Ceat Tyres eyes export opportunities for speciality tyres in Europe, North America
Tire maker Ceat A senior executive of the company said he is exploring export opportunities for specialty tires in Europe and North America, as well as new markets for midday tires for buses and trucks. The RPG group of companies manufactures tires for two and three-wheelers, cars, buses, light commercial vehicles (LCVs), in trucks, tractors, etc., and currently exports its products to more than 100 countries. The company has six manufacturing plants in Ambanath (off-road tires), Bandhup, Nashik, Nagpur in Maharashtra, Halol and Chennai in Gujarat. Kumar Subbiah, CFO, Ceat Tires Ltd “We are working on expanding the specialty industrial market in Europe and North America. We are still looking for new markets for passenger car and truck radial tires.” The commissioning of the Chennai plant in February this year will boost the company’s export business, he said. Export business usually accounts for 12-13% of total sales. Ceat has a specialized subsidiary, ...
GeorgeGunter
79
May 31, 2024
CEAT to supply tyres for Royal Enfield’s Meteor 350 bike
MUMBAI: Tire maker CEAT said it will offer tires for the Royall Enfield 350cc Meteor 350 motorcycle to be launched on Friday. CEAT will be the official tire supplier for all the motorcycle models of the Meteor 350The Zoom Plus Royall range of tubeless tires will be present Enfield in the latest offering, the company said in a press release. In the past, CEAT has partnered with Royal to supply tires for the Bullet Classic 350, Bullet Standard/Electra, Classic 500 and Himalayan bike models. /p “CEAT is pleased to be the official tire supplier for the Royal Enfield Meteoro 350. Our longstanding relationship with them reaffirms our commitment to delivering high quality products. Our partnership with Royal Enfield will continue over time. “We are confident Amit Tolani, Chief Marketing Officer, Seat Tires The new cruiser bike Meteor 350 starts at Rs 17.6 lakhs (ex-showroom Chennai),” he said. The Meteor 350 is available in three variants; Fireball, Stellar and Sup...
JuneAcheson
44
May 31, 2024
India may impose anti-dumping duty on tyre imports from Thailand
DGTR recommends anti-dumping duty on five products. NEW DELHI: India can impose anti-dumping duty of $337.80-$527.08 per tonne on imports of new bus and truck pneumatic radial rubber tires (both inner tubes and flaps) from Thailand. The Office of Trade Remedies (OTR) has imposed duties on behalf of the domestic industry (including Apollo Tyres Ltd, JK Tyre Industries Ltd, Ceat Ltd and MRF Ltd) under the Automotive Tyre Manufacturers Association (ATMA). The absolute volume of Indian imports of goods from the investigated countries and their production and consumption in India has increased substantially over the last year and “the domestic industry in India has suffered serious injury due to dumping of imports,” the DGTR said. “Alert. The DGTR has recommended a five-year anti-dumping duty, but the final decision rests with the finance ministry. In June, the government restricted imports of tires to prevent the flow of cheap imports, mainly from China and Tha...
StephanieViolet
46
May 31, 2024
Apollo Tyres gets NABL accreditation for outdoor regulatory testing
The biggest hurdle for the government to implement a star rating system is the lack of a proper NABL-approved testing infrastructure in India. Apollo Tyres on Monday said it has become the first manufacturer in the country to be certified by NABL for outdoor regulatory testing. In a statement, Apollo Tyres said it has been certified for ISO/IEC 17025 ‘Wet Grip and Sliding Noise’ test for track tires. The testing capability is related to the central government’s implementation of a ‘star rating’ scheme for tires under the European tire labeling regulations. Lorenzetti, Danielele’s Chief Technology Officer, said, “Apollo Tires’ newly developed testing capabilities are highly accurate and reliable, and the results are widely recognized by European certification bodies, which will help the company to accelerate time-to-market and reduce testing costs.” . The biggest hurdle for the government to implement a star rating syste...
CarolMaurice
51
May 31, 2024
CEAT to supply tyres for Nissan Magnite
“Engine tires have an optimized tread pattern that helps reduce tire noise,” CEAT said. Tire manufacturer CEAT on Wednesday, he said he has partnered with Nissan to supply tires for the Japanese automaker’s new compact SUV Magnite. The Indian compact SUV market is growing rapidly. The company said in a press release that it plans to grow exponentially in the coming years and CEAT offers best-in-class products in this segment. CEAT “offers Securadrive Nisssan Magnite for all models,” said Tire Ltd. The Magnite will be available in five variants.” SecuraDrive tires are designed specifically for the premium car market and compact SUVs Magnite). “The market for compact SUVs in India is set to grow exponentially over the next few years, and the CEAT Securadrive range offers best-in-class products for the segment. We are delighted to announce our partnership with Nissann. The new SUV Magnite collaboration with original accessories. I ...
MalcolmGallup
53
May 31, 2024
TVS Srichakra to invest Rs 1000 crore in capex
Following the positive initial response to the new product, TVS Eurogrip plans to further expand its product portfolio in both domestic and global markets. Mumbai: TVS Srichakra Ltd (part of the $85 TVS $100 million group), a leading tire manufacturer headquartered in South India, on Tuesday announced plans to invest Rs. 1,000 crore in expanding the production capacity of its Madurai and Pantna processing plants. The investment is planned to increase two-and three-tire capacity by 25-30% in three years, as well as dual tire capacity. The current level of off-highway tire capacity. The investment program is funded by debt and internal accruals. The investment includes plans to strengthen capacity for premium product lines such as flagship radial tires. The capital expenditures announced today will also significantly increase TVSS Srichakra production capacity and technological capabilities in the off-highway tire segment, with a focus on global markets. S Ravichandran, D...
IsabelEdgeworth
41
May 31, 2024
Continental to expand truck tyre production capacity at Modipuram plant
NEW DELHI: Technology firm Continental on Wednesday said it plans to significantly expand its truck tire production capacity at its plant in Modipuram, Uttar Pradesh, within a month over the next 18 days. Continental said the expansion will increase Asia Pacific (APAC) exports, which will have a positive impact on the company’s production costs and profitability. “Since the acquisition of Modi Rubber in 2011 since our entry into the Indian market, we have achieved significant growth and launched a wide range of passenger and commercial vehicle products. We have launched a range of radial tires in the Indian market.” Kuldeep Singh, Vice President, Manufacturing, Continental India, said: He added that the recent addition of truck tire capacity will be the fourth expansion of the plant in the last six years. Claude d’Gama Ross, head of Continental’s India tire business, said Continental’s India tire business continues to expand and the comp...
PennyGracie
60
May 31, 2024
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