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Michelin launches new range of SUV tyres in India
NEW DELHI: French tire giant Michelin today announced the launch of Forcee range of SUV tires in India. Michelin LTX will help further strengthen its product portfolio in the country with the launch of Force tires in India, Michelin said in a statement. The SUV market is one of the fastest growing segments in India. According to industry estimates, a quarter of the cars sold last year were SUVs. the segment is expected to continue to grow as more and more Indians opt for SUVs. p Michelin is headquartered in Clermont-Ferrand, France, and operates in 1,700 a country. The company employs 1, 11, 7,000 people and has 68 plants in 17 countries Total production was 187 million units of Tires in 2016.
DylanLowell
58
May 30, 2024
PV Sindhu named first brand ambassador of Bridgestone India
Hyderabad: Badminton ace PV Sindhu, who recently participated in the World Championships, was on Wednesday appointed as the first brand ambassador of tire maker Bridgestone India. The badminton player signed a three-year contract with Bridgestone India, a subsidiary of Bridgestone, one of the sponsors of the 2020 Olympics. “During our three-year association, Sindhu Kazutoshiii, Managing Director of Bridgestone India, will participate in the Global Olympic Partnership Oyama Hyderabad told reporters that he has become the Bridgestone Global Olympic Partnership. The first brand ambassador. ‘ The recipient of the Order of the Lotus became the first Indian woman in 2016 to win an Olympic silver medal at the Rio Games in 2016. Bridgestone announced its global branded 2014 Global Branded Olympic Partnership, committing to a long-term commitment through 2024 in partnership with the International Olympic Committee (IOC).
AlbertaBacon
67
May 30, 2024
Coming soon: Anti dumping duty on radial tyres
ET current The government’s impending imposition of anti-dumping duty on radial tires is a major relief for domestic tire makers like CEATT, Apollo Tyres, JK, Goodyear and Bridgestone. CEAT, Apollo Tires, JK and other tire stocks are said to be facing imminent anti-dumping in today’s trade. Government sources told ET Now that a Commerce Ministry probe has concluded that Indian manufacturers should be protected from China’s dumping of cheap radial tires into the Indian market. A senior government official told ET: “The anti-dumping office has proved through a study that it is not economically viable. The prices of Chinese companies are almost 20% lower than Indian companies.” Now. The final amount of anti-dumping duty will be decided by the commerce and finance ministries, but it is expected to be decided soon. All stakeholders must submit their final comments to the Department of Commerce by Friday, July 27, mid-77. /pCEAT MD Anant Goenka recen...
ZacharyLindberg
49
May 30, 2024
Bridgestone to invest $304 million over 5 years to expand India plants
NEW DELHI: Tire giant Bridgestone India today announced an investment of Rs. 3,043 crore (approximately Rs. 19.4 billion) over the next five years in the expansion of its two manufacturing plants in Maharashtra and Madhya Pradesh. The company, which is part of Japan’s Bridgestone Corporation, plans to expand its Pune infrastructure (Bridgestone India said in a statement that the investment will be made in phases over the next five years, starting this year). Kazutoshii Oyama, Managing Director, Bridgestone India “This investment confirms our commitment to expand Bridgestone’s business in India, one of the fastest growing markets in the world.” He added that this investment will provide Bridgestone India with advanced manufacturing capabilities, technology and techniques and better products for its customers. The plant expansion will enable Bridgestone to meet the growing demand for tires in India due to the increase in the number of vehicles and pro...
LydiaCarmen
48
May 30, 2024
IRFPC hopes to start tyre production by the end of 2019
Institutional companies have started raising funds for the tire project, which is expected to have an initial cost of Rs 1 billion. KOCHI: Nadu, the new two and three wheeler tire factory of Integrated Rubber Farming Manufacturers Corporation (IRFPC), formed by the State Rubber Planters, has been acquired and is located in Erode, Tamil and is scheduled to start production. C John, member of Ajit’s team of technical and financial experts The company hopes to start production at the end of 2019 after completing the acquisition process in 2019. “We plan to expand from 2,000 tires per day to 5,000 tires per day,” he said The company started raising funds for the tire project at an estimated initial cost of 10 Rubber growers from all over the country Rs. crore issued shares of face value 10 of 10 rubber growers Rs. crore. The minimum amount to become a member is Rs 10,000 but to get voting rights, the grower must have 10 voting rights Rs 10,000 in shares. John ...
PaddyTuttle
48
May 30, 2024
Apollo back in race to acquire South Korea’s Kumho Tire as China’s Qingdao calls off deal
If the second attempt is successful, Apollo will be able to gain a strong presence in the U.S. and Europe and enter the top seven markets in the world. MUMBAI: Apollo Corp has re-entered the takeover race after its sale of South Korea’s Kumho Tire Industries to a Chinese buyer collapsed due to tensions on the Korean Peninsula affecting the value of the deal, several people familiar with the matter said. p In January, Chinese tire group Qingdao Double Star signed a definitive agreement with Kumho’s creditors to acquire a 42% stake in Kumho, but the deal failed due to opposition from the South Korean government. China’s support for North Korea made authorities nervous, and Kumho Tire’s military and defense applications made the situation worse, the source said. “The previous deal was valued at $830 million and Apollo’s previous bid was around $775 million, but since China is no longer a competitor, the value of the latest deal could be in th...
MontagueBright
88
May 30, 2024
Birla Tyres in talks with multiple partners for collaboration across tyre segments
Kolkata: Birla Tires Ltd recently from multi-product company Kesoramm Ltd China is negotiating strategic alliances with several potential partners at home and abroad, including access to technical know-how on various products. Off-road tire products and materials and other specialized products. Birla Tires Manjush Khaitan Speaking at its virtual annual general meeting on Tuesday, the company said it would focus on leveraging its past heritage in promoting its brands in the tire segment, including off-road tires. There are other specialty categories as well. Off-road tires are vehicle tires with deeper tire surfaces that provide greater traction on unpaved surfaces, such as soil, dirt, sand or gravel. The company also plans to raise around Rs 20 crore, including fresh equity and debt. Birla Tires Director P Radhakrishnan He said that discussions with potential strategic partners and funding agencies are at an advanced stage and will be finalized in the next three to six months. ...
EvelynCarllyle
55
May 30, 2024
Import of Chinese tyres has started to decline: ATMA
The 2016 bill ban, Goods and Services Tax (GST) levy and anti-dumping framework led to a decline in the country’s tire imports. Speaking to reporters today on the imposition of 20% GST and anti-dumping duty, ATMA Chairman Satish Sharma said, “Now we can say that China’s imports have halved.” The repeal order month (2016) GST year November) went down.” Done. It started falling further. “Chinese tires have started falling,” he said, “In May 2016, Chinese tire imports were 150,000 units. Now it’s 50,000. Yes, and it’s falling. ‘ He said tire dealers were “confident” they would no longer buy Chinese tires because their “profitability” had also collapsed. Asked about the growth of the tire industry, he said the industry recorded “high single digit growth” in 2017. The company said revenues would be in the “high double digits” for the 2018-19 fiscal year. He said...
LouiseSpenser
60
May 30, 2024
CEAT sops spark hope of big-ticket investments in Tamil Nadu
Agency CEAT investment estimated at Rs 400 crore. Chennai:Prospects for large-scale investments in Tamil Nadu may have improved after the Tamil Nadu Cabinet approved the end of the CEAT incentive scheme for tire manufacturers, but industrialists in the state are cautiously optimistic. The standard measures for tire makers, part of the state’s efforts to reform industrial policy and stimulate growth, have raised expectations that existing manufacturers in the state will modify their deals, but industry experts say a one-size-fits-all approach is likely. That’s not reasonable. A senior industry ministry official told The Economic Times that the Cabinet had approved an incentive scheme and refunded 60 percent of the state goods and services tax (GST) in the revised bill. incentives from the previous VAT regime. The CEAT investment is estimated at Rs 40 billion. Industry leaders believe that the government should have a policy for sectors like automobiles, electronic...
CaraChristian
44
May 30, 2024
Apollo tyres plans to use Rs 1,500-cr QIP proceeds to expand operations
Currently, Apollo Tyres generates nearly 60% of its revenue from sales. New Delhi: Apollo Tyres, headquartered in Gurgaon, which recently raised Rs 150 crore through a Qualified Institutional Sale (QIP) plans to deploy some resources to develop a new plant in India. Andhra Pradesh. Some of the funds will also be used to double the production capacity of the Chennai plant to strengthen its leadership position in the truck, bus, radial and passenger tire segments in the local market. Kanwar, vice-chairman of Apollo Tyres, told The Economic Times that as the capacity expansion cycle comes to an end, the company will focus on expanding its presence in India and Europe through the organic route. But the next plan is organic. Today, capital and human resources are being utilized to build Hungary and develop the Andhra facility, and it is very important that we do not relinquish our leadership position in India. Currently, Apollo Tyres generates nearly 60% of its revenue from the do...
IsabelWalpole
49
May 30, 2024
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