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Apollo Tyres commissions first overseas greenfield facility in Hungary
BUDAPEST: Apollo Tyres on Friday used a 4.75 (about 34,600 crore (about 346,000 crore) its first overseas greenfield manufacturing plant near Budapest, Hungary in a billion rupee factory. Upon completion of the first phase of expansion, the plant will have a production capacity of 5.5 million passenger car and light truck tires and 675,000 commercial vehicle tires per annum. The plant is a complementary tire division of Apollo Holland and will launch Apolloo and Vrestein branded tires in the European market. “This plant will help us further increase our presence and market share in Europe. We are a company focused on the European alternative market and will soon start supplying tires to all major European OEMs.” Onkar chairman S Kanwar said. Tires. Apollo Tires had sales of $1.81 billion in fiscal 2016, with $400 million Nissan 1,650 manufacturing plants tons in Tamil Nadu, Kerala and Gujarat, India. We have 1 ton in the Netherlands. plant. The company generates ...
LenaThodore
46
May 30, 2024
AIRIA ties up with Tripura University for imparting rubber technology programmes
KOCHI: All India Rubber Industries Association (AIRIA) which is worth Rs. 7500 crore is the apex body of the Indian Rubber Industry, along with Tripura University is offering courses in Rubber Technology. The objective of this collaboration is to promote rubber education, rubber technology training and research collaboration in the field of rubber technology and polymer science. The MoU was signed by Anjan Ghosh, Vice Chancellor, Tripura University. Kamal Chowdhury, Chairman, AIRIA, and recently, Pranab Mukherjee, President of India (Pranab Mukherjee), former Deputy Prime Minister of India, at the conference. “This collaboration is a win-win industry-academia partnership. It will develop talent at all levels, fulfill the demand for talent and accelerate industrial development. At the same time, this course will help business professionals to acquire relevant skills.Kamal K Chowdhury said that it improves the employability of students of technical colleges. Understanding...
WadeKelly
46
May 30, 2024
AIRIA calls for increasing raising import duty on finished rubber goods
KOCHI: The surge in imports of finished rubber products has seen Indian rubber MSMEs facing dumping charges and demanding an increase in import duty on finished rubber products to 30%. Currently, the import duty on finished rubber products is 0% to 10%. All India Rubber Industries Association All India Rubber Industries Association (AIRIA) According to statistics, the total imports of rubber products in India increased from Rs. 418 billion to Rs. 9202 billion during the 4-year period of 2015-16, an increase of 120%. “India has one of the highest tariffs on raw materials and lowest tariffs on finished rubber products. This reverse tariff structure has led to an 80-90% surge in imports of industrial products. Finished products can be avoided as the domestic rubber production facilities are able to meet the demand, but different imports are taking place, especially in the context of lower import tariffs on rubber products under free trade agreements.” AIRIA K Kamal, Pr...
JoTennyson
53
May 30, 2024
India invests in synthetic rubber
SINGAPORE: Indian companies are investing in synthetic rubber, with recent capacity additions of about 270,000 tons per year, industry sources said today. Tire manufacturers have also asked to start production of solution styrene butadiene rubber (SSBR), which is needed to produce high-performance tires. Demand is expected in the coming years. As of the end of 2016, India’s demand for 580,000 tons of (SR) per year, said Juan Ramon, CEO of the Synthetic Rubber Manufacturers Association. By comparison, domestic SR production was 480,000 tons per year. He said in 2017 “India is likely to be self-sufficient at the World Rubber Summit 2018,” India said at the World Rubber Summit 2018 Annual production will be around 650,000 tons.” Singh, Head, India Rubber Synthetic Rubber Private Limited (ISRPL) Amardeep added, “New investments in products are planned to strengthen our SR portfolio.” In 2014, ISRPL started producing 120,000 tons of emuls...
WinfredDonne
59
May 30, 2024
​Not keen to re-enter race for Kumho Tire: Apollo Tyres
MUMBAI: Apollo Tyres on Tuesday said it has no intention of selling South Korea’s Kumho Tire Industries to a Chinese buyer as it has not tried to re-enter the acquisition process. “Apollo Tyres strongly denies that competition with Kumho Tyres has resumed,” adding, “We again emphasize that we have no intention of interfering in the Kumho Tyres purchase process.” The Economic Times reported on Monday that Apollo will re-purchase Kumho Tires. Kumho creditors are entering into a formal process to sell the company. We sent an e-mail to a company spokesperson Saturday morning, but as of Sunday, we had not received a response. This fact is mentioned in the story.
HeddaDeQuincey
55
May 30, 2024
Cavendish Industries gets a turnaround after takeover by JK Tyre
NEW DELHI: Singhanias claimed that JK Tire Industries, which acquired Cavendish Industries from Birla group company Kesoram Industries a year ago from BK, managed to turn around its losses and reduce conversion costs, and announced its pre-tax financial results for the fourth quarter. (polybutylene terephthalate). “We have controlled all three divisions of Cavendish Industries for a year now. Since then, we have resized our workforce to achieve PBT despite the recent unexpected increase in raw material prices. “In the fourth quarter of the last fiscal year,” JK Tire Industries and Cavendish Industries Arunn president and director of international operations Bajoria stated. JK Tire acquired Cavendish Industries for Rs. 2, 1955 crore last fiscal, giving the company a production capacity of 1.21 lakh truck radial tires, 630 two and three wheeler tires and bias tires. “Radialization is an upward trend in the domestic market. From the first quarter to the...
EvelynCarllyle
58
May 30, 2024
Michelin brings Scorcher tyre range for Harley bikes to India
NEW DELHI: Tire giant Michelin today launched its co-brand Scorcher. in addition to Harley-Davidson’s Indian network, there are six more Scorcher The range of tires will be sold by all Michelin authorized dealers across India, Michelin said in a statement. The Scorcher 11 and Scorcher 31 are mounted on Harley-Davidson Sportster on original equipment, Dyna, V-Rod and Harley-Davidson Stret motorcycles. Pradeeep, Business Director, Michelin Two Wheelers, Africa-India-Middle East: “We are delighted to offer the Michelin Scorcher in alternative markets to our network of Michelin dealers across India,” said G Thampy. He added that with the launch of the new range, the tire portfolio covers the widest range of recreational motorcycles in India. The launch of co-branded tires in India is part of a global agreement between Michelin and Harley-Davidson. The two companies have been partners since 2008 for many years.
RalapRaphael
48
May 30, 2024
MRF takes India to luxury tyre market
Chennai: Tyre giant MRF Limited recently launched Perfinzaz a range of luxury and high quality tires making it the first in India to get approval from the world’s leading luxury car manufacturer. Perfinza will hire cricket star AB de Villiers as its global brand ambassador. Speaking at the press conference, Koshy K Varghese, Vice President, Marketing, MRF said, “Our R&D engineers have designed the tires keeping one word in mind-Perfection. MRF Perfinza tires are characterized by the following features: a perfect driving experience every time. ab for exchange. MRF has announced that it can enter the luxury car market through continued investment in research and development and nine manufacturing plants. With this new line of Perfinzaz tires, MRF will now offer an expanded range of products for the luxury and premium car market. The tires will be launched first in India and then in other markets around the world. Perfinza was developed by MRF RD and extensively...
EstherDewey
71
May 30, 2024
NR imports declined due to improved domestic availability: ATMA
Coach: The tire industry says natural rubber imports will decline as domestic natural rubber supply increases, proving that consumers will choose imports when supply is tight. Recently, Rubber Sheet released new data for FY2016-17 showing that natural rubber imports are down 22% this year and production is up 7%. Satish Sharma, Chairman, Automotive Tire Manufacturers Association (ATMA) “With the increase in supply of natural rubber in the domestic market, production has declined significantly as compared to natural rubber imports. This confirms the industry’s stand that imported natural rubber cannot be supplied as per quality parameters to make up for shortages or certain grades of rubber. Responding to the concerns about natural rubber imports caused by domestic natural rubber prices being lower than international prices, ATMA said that although domestic natural rubber prices are 20% higher than international prices, domestic production is completely consumed by...
MichaeliaHood
51
May 30, 2024
Supreme Court to hear bankruptcy proceeding of Falcon Tyres
Mumbai: The Supreme Court has initiated Falcon Tires insolvency proceedings, agreeing to hear the plea of defaulter Pawan Ruia, who he claimed was deprived of the principles of natural justice as he did not have enough time to respond. Loan Notice. Last April, after ARC’s acquisition of 90% of the shares of Falcon Tires, with Edelweisss Asset Reconstruction Company filed a petition with the National Bankruptcy and Insolvency Code-led lender (NCLT), Bankruptcy and Insolvency Code requirements under the Bankruptcy and Insolvency Code (IBC) Falcon Default Corp. Falcon Tires filed suit. Debt financing has been sought from the corporate court. Debt financing has been sought from the corporate court. /pFalcon Tire ET has not responded to emails. Edelweiss ARC officials declined to comment on the specific case. However, Antony, chief executive of Edelweiss ARC Siby, said: “This series of developments highlights the hurdles that IBC-based lenders will face in resolving cas...
TiffanyBilly
52
May 30, 2024
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