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Maxxis bets big on India as it eyes to enter top 5 global tyre maker list
AgencyMaxxis sets 15% revenue goal. NEW DELHI: Taiwanese tire giant Magis Group is investing heavily in India with plans to set up five plants as the company expects it to play a major role in the Indian tire market. An official said, “We aim to become a top five tire brand in the world by 2025.” The company is currently the world’s ninth-largest tire brand with 2019 sales of about $4 billion. India and Indonesia will play an important role in achieving the goal by 2025. The company is investing $4.41 billion in its first manufacturing plant in Sanand, Gujarat, with the goal of increasing production of two-wheelers to $60,000 vehicles as part of the first phase of the project’s expansion, which currently produces tires at 20,000 vehicles per day. Increase. The number of items has increased to 20,000 per day Individuals. “Magis aims to be one of the top five companies in the world within the next five years. We have made great strides in East an...
OpheliaClement
54
May 30, 2024
Budget 2019: Tyre industry finds budget a mixed bag
Representative photo KOCHI: The Automotive Tire Manufacturers Association (Atma) has welcomed the proposed reduction in corporate tax and increased investment in infrastructure, but said the industry’s major concerns have not been addressed. The finance minister has proposed an investment of Rs 10 billion in the infrastructure sector over the next five years, which will boost the automobile and tire industry. According to Pradhan Mantri Gram Sadak Yojana III, 1.25 lakh roads will be upgraded in the next five years with a length of kilometers, which augurs well for the transport sector and automobile tire industry. “The tire industry is actively pursuing reverse tariff adjustments such as raising import tariffs on finished products (tires) or lowering import tariffs on natural rubber (NR), a key raw material, and the budget is set to raise the basic tariffs on some automotive components. Over. ATMA president K M Mammen said he wants to raise tariffs on tires to co...
HarlanMorrison
57
May 30, 2024
Michelin launches new tyre range for passenger vehicles in India
Energy XM2 The range will replace the Energy XM2 range of tires in India, the agency said. French tire giant Michelin said on Monday that it has launched a new range of tires in India primarily for small and medium-sized passenger cars. The company said the Energy XM2 range of tires will replace the Energy XM2 range of tires in the country. “Long-lasting performance is at the heart of Michelin’s work. In India, we have once again raised the bar for daily commuter tires with the Michelin Energy XM2 (previously known as the Michelin Energy XM2), establishing ourselves as the leading mass-market tire for the For the eighth consecutive year. Starting at Rs. 5090, the new range will be available at the company’s authorized dealers across the country from early next year in 30 sizes (12 to 16 inches).
GilbertLily
52
May 30, 2024
Synergies launches world’s first black chrome-plated wheels
Synergies, India’s leading manufacturer of aluminum wheels Castings has announced the launch of Magic Black, the world’s first black chrome wheels to be manufactured at its modern auto-chrome plant in Visakhapatnam. Magic Black is a black premium chrome wheel produced using the world’s first chrome plating system that utilizes precision engineering, advanced materials and innovative manufacturing processes to ensure a stunning finish and appearance, the company said in a statement. The latest technology combines the benefits of traditional plating with new age environmental safety and compliance requirements. High-quality plating ensures a rich, lustrous, silky-smooth chrome-black color, the company says. Thanks to the special chrome plating of all copper-nickel, it not only improves longevity, durability and wear resistance, but also ensures better corrosion resistance and protects the metal from corrosion, chemical damage and abrasion. Shekhar Movva, Presi...
MarinaEmerson
44
May 30, 2024
Warburg Pincus to invest $150 mn in Apollo Tyres
NEW DELHI: Global private equity firm Warburg Pincus will invest $150 million in Apollo Tires. The Board of Directors of Apollo Tires today approved the issue of mandatory convertible preference shares of the company worth Rs. 1,080 crore (approx. USD 150.1 million) by affiliates of Warburg Pincus, which it is a leading global private equity firm focused on growth investments. The investment represents a significant capital injection into the company and remains subject to shareholder and regulatory approval. Commenting on the transaction, S Kanwar, Chairman and Managing Director, Apollo Tires said, “We are delighted to announce Warburg Pincus’ investment in Apollo Tires. Their investment is a strong vote of confidence in our business, management team and growth prospects. I am confident that the company will benefit from the support of a large financial investor and our partnership will further strengthen Apollo Tyres’ board and governance structure. Vis...
NatBauer
44
May 30, 2024
Tyre industry foresees a loss of about Rs 5000 crore in six months to July
Physical trading of natural rubber by institutions has also stagnated due to industrialization. KOCHI: The tire industry is expected to suffer a loss of Rs 4, 500-5000 crore in February to 7 6 months due to COVID-19 production disruption. All tire production facilities have been shut down and are expected to resume operations by mid-April. Rajiv Budhraja, secretary general of the Automotive Tyre Manufacturers Association (ATMA), said, “We are estimating losses assuming that the situation starts improving from 8 When month.” According to him, it may take six months to resume normal operations. Therefore, the impact of COVID-19 will be felt throughout the financial year, he added. Bhudraja said that the current crisis started with the regular recession followed by restrictions on vehicular movement. Then the blockade happened. “The sudden shutdown led to accumulation of raw materials, semi-finished and finished products in the supply chain process. It is ex...
LindsayBobby
49
May 30, 2024
Apollo Tyres leadership team takes pay cut due to coronavirus
NEW DELHI: Apollo Tyres, headquartered in Gurgaon, on Friday said its leadership team has announced a voluntary pay cut due to the impact of COVID-19 on the automobile industry. Chairman and Managing Director S Kanwar Vice Chairman and Managing Director Kanwar announced a 25% pay cut. In addition, the senior management has voluntarily decided to take a 15% pay cut as a gesture of solidarity due to the rapidly deteriorating market situation as a result of COVID-19. Apollo Tyres operates a diversified multinational business and the pay cut will affect all the executives in the world. In a statement, the company said, “The coronavirus is impacting sales and profitability across the automotive industry as a result of the worst-case scenario we anticipated.” Onkarr S Kanwar, chairman and managing director of Apollo Tyres, added: “This is an extremely difficult time for our employees and their families. We are in uncharted territory, but as ‘one family̵...
QuintionMartin
50
May 30, 2024
Coronavirus impact: Apollo Tyres, Ceat suspend manufacturing operations
Reuters. NEW DELHI: Apollo Tyres said on Tuesday it was suspending production at its plants until March 31 in light of the many states stemming the coronavirus epidemic. In a regulatory filing, the company said, “Plant operations in Kerala (Kalamasseri & Perambra), Gujarat (Rimda) and Tamil Nadu (Chennai) are scheduled to remain closed till March 31, 2020.” He added that every office employee and other employees have been instructed to work from home. The expected financial impact of the above measures cannot be ascertained at this stage and the duration of the closure will depend on further guidance from the government agencies. Similarly, Ceat has ceased production operations at the company pending such regulatory advice. The company is taking all recommended precautions to ensure the health and safety of its employees. He added that efforts to curb the spread of coronavirus include implementing a home work policy in all offices.
NoahValentine
47
May 30, 2024
Tyre firms upbeat about demand for replacements
Tire makers are optimistic about demand for replacement tires, with original equipment manufacturers (OEMs) expecting the sector to take more time to recover in the second quarter. With limited staffing, some tire companies have been operating their plants for more than a week. Rajiv Budhraja, secretary general of the Automotive Tire Manufacturers Association (Atma) “The exercise is mainly to clear the inventory and produce tires for agricultural vehicles before the blockade is declared.”” Apollo Tyres has partially resumed production with three of its four plants in India operational. CEAT has started operations at five of its six plants for tires (except Mumbai). Conditions in Maharashtra are said to be unfavorable for plant openings. Many tire plants are located in the west and south. However, demand in the tire industry remains weak and the current start-up rate is around 30%. Budhraja said, “2020 fell sharply in the first quarter and tire replacement...
LesterGray
65
May 30, 2024
MRF Tyres partially resumes operations
Business to expand as authorities ease restrictions NEW DELHI: The MRF tire giant said on Wednesday it has resumed operations at most of its plants with limited staffing after the government eased embargo guidelines. On March 25, the company announced that it would shut down operations at its headquarters, sales offices and plants in India until the blockade imposed to curb the spread of COVID-19 is lifted and enforced. In a regulatory filing, MRF Ltd, “We would like to inform you that the company has partially resumed its operations following various relaxations and guidelines issued by the Ministry of Home Affairs, the Government of India and the State Governments.” The factory has limited manpower. ‘ Some of the stock premises have also partially resumed operations. However, the continued operation of the stores is subject to the guidelines issued by the local authorities from time to time on the occurrence of cases as per the COVID-19 for the area. T...
BurkeSailsbury
46
May 30, 2024
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