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CEAT sees 25% revenues coming from exports
CEAT Tires, which generates a quarter of its revenues from exports, aims to become India’s largest manufacturer of passenger car radial (PCR) tires by 2026. As part of its export acceleration program, the RPG Group plans to enter the PCR as well as TBR (truck and bus radial) segments by the end of 2023-24, Arnab Banerjee, the newly appointed managing director and CEO, told The Economic Times. Ahead. Earlier this month, RPG Group Inc. announced changes in its senior management. On banerjeeeerjeeeer. After being appointed Managing Director and CEO, Anant Goenka was appointed Vice Chairman of CEAT and Zensar Technologies. Goenka has successfully led CEAT since 2012 4. Under his leadership, the company’s market capitalization has more than tripled 20 times in 10 years, with significant market share in the two-wheeler and passenger car segments. However, his tenure has not been without fault. “Unfortunately, we had a better understanding of the situation on t...
ZeroHerbert
39
May 31, 2024
Dalmia Bharat, Ruia Co in fray for Birla Tyres
Dalmia Bharat Group dabbles in cement, refractory and power sectors (Dalmia Bharat Group) Bid for Kolkata-based Birla Tires and subsidiaries of sugar companies and asset buyer Pawan’s Pressure Ruia’s takeover, sources familiar with the matter told The Economic Times. Kesoram Industries insolvency proceedings are underway. The lender received two binding offers totaling 33,354. One from a consortium led by Stephenssss Financial Services in partnership with Melrose Creations and the other from Dalmia Bharat Refractories. Melrose Creations is a part of Pawan Ruia The group was established three years ago to manufacture N95 masks for its flagship brand Dunlop, the company said in June 2020 year. “Both the applicants have offered installments with a net present value of less than Rs 1 crore, which is much lower than our expectations.” The source said, “We have asked the applicant to improve his proposal.” Dalmia Bharat, Pawan Ruia Group Pratim, Sol...
KellyLloyd
47
May 31, 2024
Michelin names Shantanu Deshpande as India MD
ET Online French tire giant Michelin on Monday said it has appointed Shantanu Deshpande managing director of its India operations. He will reside in Pune. Michelin 23 During his tenure in 2000, Deshpande held various leadership positions in sales and marketing in India and other regions, including North America, Africa, the Middle East and Asia, the company said in a statement. Name. He joined Michelin India as Regional Sales Manager in 1999 annually. In 2007, he was appointed as Marketing Director for India, laying an important foundation for the company’s growth in the country. From 2012 to 2015, Deshpande served as Michelin’s Vice President of Marketing for North America. He was marketing director for the B2B business in Africa, India and the Middle East from 2015 to 2020, the tire giant said. Shantanu since 2020 Global marketing director for Michelin Group’s Bangkok City business line since 2000. Headquartered in Clermont-Ferrand, France,...
LucienKatharine
51
May 31, 2024
Apollo Tyres bets on service model, premiumisation to maintain margins
ETMarkets.com Apollo Tires To maintain industry-leading margins, Apollo Tires is investing in India to expand high-margin products and markets as well as new service-based business models, and to maintain industry-leading margins in 2026 Fiscal year to achieve revenues of $5.1 billion. The company is launching a subscription service called Avollvel that promises to reduce the cost of tires for truck fleets by 10 to 15 percent through more efficient tire management. The company hopes to reach more than Rs. 50 crore in revenues by fiscal 2028 from this brand-agnostic platform. “In my experience, these numbers are very conservative,” said Satish Sharma, president, Asia Pacific, Middle East and Africa, Apollo Tyres. Meanwhile, Neerajj Kanwar, vice president of the company The company said it wants to maintain EBITDA margins by focusing on expanding its high-margin products, especially through its high-quality brand Vredestein. Chairman and Managing Director of the ...
BaldwinBradley
51
May 31, 2024
Apollo Tyres expects double-digit revenue growth in FY24
Satish Sharma, President, Asia Pacific, Middle East and Africa, Apollo Tyres Ltd, said double-digit revenue growth is expected in FY2024, reflecting growth in organic sales. He said the Indian tire industry is in good shape due to strong demand and easy raw material prices, but whether tire prices will come down depends on the intensity of competition. Sharma in an interaction here said, “We are still seeing double digit growth.” That is absolutely possible. He was answering questions about 2024 Fiscal year revenue growth outlook. Apollo Tires consolidated operating revenue for 2022-23 is Rs 245.68 crore as against Rs 209.48 crore in 2021-22. Sharma said that the basic effect and impact of COVID-19 prevalence has “completely disappeared” and added: “From now on, everything is volume (growth), which can’t be separated from value (due to price increases), but there is no mixing except concentration. ” Said. This is an ongoing process....
ElmerDupont
44
May 31, 2024
Bridgestone looks to expand retail footprint in India
Bridgestone India Distributors, a subsidiary of Japanese multinational tire manufacturer Bridgestone, has a diversified product portfolio to meet OEM requirements and alternative market requirements, primarily for radial tires. Mumbai: Tire maker Bridgestone plans to expand its retail business in India this year at a growth rate of 20-25%, targeting higher than industry growth rates. Company executives said. Bridgestone India currently has 32,000 many dealers in 13,000 32,000 towns and cities in India. Bridgestone India is a subsidiary of the Japanese multinational tire manufacturer Bridgestone Corporation and has a diversified portfolio of products to meet OEM requirements and alternative markets, mainly radial tires. Sanchini accepts PTI “Bridgestone India has been expanding its product portfolio over the last few years. The market penetration has increased by 11% and the overall retail network will grow by 20-25% this year.” He said the company is expanding its d...
GilbertBeerbohm
53
May 31, 2024
Yokohama to invest Rs 671 crore to bolster passenger tyre capacity in India
Representative photo Japanese manufacturer Yokohama Rubber has revealed plans to expand its passenger car tire production capacity in India. The company plans to invest Rs 6.71 billion ($80 million) to expand its annual tire production capacity in the Indian market through Yokohama. Yokohama India since 2007 The company plans to set up new production capacity at its existing Visakhapatnam plant in India. The expanded production line is scheduled to commence operations in the fourth quarter of 2024 and will primarily produce 22-inch passenger car tires. Yokohama’s annual production capacity has increased significantly to 1.53 million units in 2019 and 1.96 million units in 2021. In addition, the company’s plant in Bahadurgarh, Haryana has the capacity to produce 28 million tires per year. Yokohama produces off-road tires in Tirunelveli (Tamil Nadu), Visakhapatnam (Andhra Pradesh), and Dahchi (Gujarat). The tire manufacturer recently opened its 51st Salem plant...
MyrnaStella
47
May 31, 2024
Demand for bigger cars accelerates sales of wider tyres
Everything in the automotive industry seems to be getting bigger these days, even the wheels. Starting in 2020 Since 2000, including cars and SUVs In passenger vehicles, tires with diameters of 18 to 22 and widths of 245/255 mm wide have achieved double-digit growth, while the share of smaller tires is rapidly declining. The share of 12-inch wheels declines from 6.3% in 2020 to 1.2% in 2023, while the share of 17-inch wheels rises from 9.5% to 12.7%. The percentage of 18-inch wheels increases from 1.3 percent to 6.5 percent over the same period, according to Jato Dynamics. One of the factors influencing this change is the body types of currently popular vehicles. SUVs and MPVs now account for 55% of the passenger car market Additionally, there has been a surge in demand for wider tires (for better performance and ground clearance) on these vehicles. SUVs account for only 29% of the passenger car market from 2018 to 2019. Experts say that the requirements of the automotive indu...
AdaPerkin
62
May 31, 2024
India imposes anti dumping duty on flat based steel wheels from China
India imposed anti-dumping duties of $613 per ton on Chinese steel wheels for five years. The notification said, “The anti-dumping duty levied herein shall be effective for a period of five years from the date of issue of this notification and shall be applicable to commercial vehicle inner tire products.” It was issued by the Central Board of Indirect Taxes and Customs Collection (CBIC). These duties are based on the present recommendation of the Directorate General of Trade Remedies (DGTR), the investigating agency under the Ministry of Commerce, Industry and Energy aimed at protecting domestic businesses from cheap Chinese imports. Global trade practices allow countries to impose tariffs on these dumped products to level the playing field for domestic manufacturers. Tariffs are imposed only after an investigation by the Trade Remedies Authority (TRA). In addition to flat-bottomed steel wheels, the DGTR is also investigating anti-dumping cases on Chinese produ...
GeraldineJohn
47
May 31, 2024
CEAT lines up Rs 750 cr capex for FY24
CEAT Ltd has six manufacturing plants in India located in Halol, Nasik, Nagpur, Bandhup, Ambarnath and Chennai. Tire maker CEAT Ltd has earmarked about Rs 7.5 crore of capital expenditure in the current fiscal for increasing the capacity of radial tires, which are mainly used in agriculture.Arnababa Managing Director and Chief Executive Officer Banerjee The company’s Ambernath plant in Maharashtra. The company expects Original Equipment Manufacturer (OEM) supply to increase by the end of this fiscal as rim sizes change from small to large and is expected to get approval from automakers soon. Soldier. In the alternative markets, CEAT saw good growth in the first quarter, especially in motorcycle tires. While a period of dormancy in rural markets can take up to two years, the company expects the momentum to continue. Take some time to realize this. There are more quarters ahead with higher visibility of growth. Banerjee told PTI: “We have been talking about Rs 7,070...
XavierRosalind
52
May 31, 2024
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