1. Home
    2. >
  2. Industry information
JK Tyre seeks revision in inverted duty regime in Budget
Mumbai: JK Tire Industries is looking to revise its role structure in the upcoming budget, saying it will provide a level playing field for local tire manufacturers. “We are probably the only country in the world that has implemented a reverse tariff structure where the cost of importing raw materials is almost three times the cost of importing finished products.” “Under the current tariff regime, the tariff on imported raw materials (mainly rubber) is 20%, while the tariff on finished tires is only 7.7%. This situation has to change, said Arun K Bajoria, President and Director, JK Tyre Industries, here over the weekend, Finance Minister Arunn Jaitley He said, “We have decided to revise the reverse tariff regime in the budget.” Steps will be taken to rectify the situation. On another expectation from the budget, he expressed hope that the Finance Minister will ensure economic recovery. In order to protect the domestic rubber farmers, the g...
LauraJohn
61
May 29, 2024
How Apollo Tyres made a comeback after a disastrous 2013
A year ago, investors questioned Apollo Tire’s $2.51 billion bid as a reckless takeover by Cooper Tire. The deal fell through. But Apollo Tire’s share price has nearly doubled in the past year. ET finds out what is happening to the Kanwar family. Ambition is hard to control. Using Apollo Tires Kanwars under Kanwars For example, even a 38% drop in its share price in 2013, year June to December monthly, could not kill its momentum as investors harshly criticized its decision to spend 25% to buy Cooper Tire for $ billion. /p The deal failed miserably and on December 30, 2013 was canceled. The next day, in a meeting attended by all executives, the company launched another engine of growth, including investment in a new global plant. It was decided to invest Rs 475 crore in a new plant in Hungary. This will be the company’s first newly developed plant outside India and will be able to produce up to 12 million tires for cars, trucks and heavy vehicles. Kanwar, Vice ...
ClaudePenn
58
May 29, 2024
JK Tyre showcases Ultra Hi tyre at Delhi rubber expo
(This story was originally January 16, 2015) Chennai: JK At the 8th India Rubber Expo and Tire Expo in Delhi, Tire showcased its new product range across segments including car, truck, light commercial vehicle and agricultural radial tires. One of the highlights of the event was the Ultra Hi, an ultra-high performance concept tire with all-silica technology and multi-layer tread rubber in colors that match automotive aesthetics. Ultra Hi It is the culmination of two extreme technologies to deliver the low fuel consumption, advanced traction and handling required for high performance vehicles. This innovative concept is currently being tested by JK Tire Technology Center in India at proving grounds around the world. Misra, Director, Technology, VK JK Tires, said, “At JK Tires, we have always made R&D an intrinsic part of our business and participating in IRE 2015 provides cutting edge technology to meet the needs of our customers and partners. It gives us the...
CharlesCarmen
43
May 29, 2024
MRF races ahead to buy Kesoram’s tyre unit
Mumbai/Chennai:India’s largest Madras Rubber Factory is Madras Rubber Factory (MRF) is in preliminary discussions with BK Birla flagship company Kesoram Industries Birla is a major player in the takeover of the two companies Tires, many sources close to the company said. This is significantly higher than the market capitalization of the entire diversified Birla group. Once completed, the deal will turn out to be 69 MRF’s first acquisition in its history and will strengthen its manufacturing presence in the North Indian market. It will also help strengthen its grip on the commercial vehicle tire segment, making it the second largest company after Apollo. For Kesoram in respect of Laksar, North Arkhand, the key divisions will significantly reduce the debt burden on its balance sheet (which stood at Rs. 44.25 billion at the end of the September quarter of 2014) and free up space for other businesses. Working capital. The tire business accounts for nearly half of FY14 EBITD...
LindsayBobby
51
May 29, 2024
Budget 2015: Tyre dealers urge government to abolish 10% import duty
NEW DELHI: Tire dealers today demanded removal of 10% tax on imported tires to stop “unfair and exploitative practices in the domestic tire industry”. In its budget wish list for 2015-16, the All India Tyre Dealers Federation (AITDF) has called for the removal of import duty to curb “unfair and exploitative practices in the domestic tire industry”. Ahead of the budget submission to the finance ministry, domestic tire manufacturers have demanded a 20% increase in import duty on tires. AITDF Despite the fact that raw material prices have come down to 2008 levels, domestic tire manufacturers continue to charge exorbitant and unfair prices for tires. Tire dealers calling for the abolition of the AITDF said in a statement that the 10% tariff was a “crackdown on the domestic tire cartel”.
LyndonWhit
72
May 29, 2024
Tyre cos skid as ‘cheap’ imports flood local market
Kochi:Lower import duty on tires leads to increased shipments. Automotive Tire Manufacturers Association (ATMA) He said this poses a threat to the domestic tire industry. The tire industry has ample capacity and has recently invested Rs. 2,600 crore in greenfield projects and expansions to accommodate the growing capacity of the automobile industry. Imported tires account for about 20% of the domestic truck lunch tire market, ATMA said. New capacity for these tires has come up, calling for an increase in import duty on tires to make them comparable to natural rubber. More than 60% of tires are imported from China at an average unit price of $106, which is lower than raw material prices, ATMA quoted International Trade Advisory Services as saying. In its pre-budget submission, ATMA said that under various trade agreements, import tariffs are 20% for natural rubber and 5% or even zero for tires. Dr. Raghupatiapatiitipatipa Singhania, ATMA, said, “For the successful i...
BelindaPater
51
May 29, 2024
Apollo Tyres launches Manchester Utd co-branded tyre in India
NEW DELHI: Apollo Tyres today launched its high performance dual brand-Apollo and United Tyres-for the Indian market. India is the third country after UK and Thailand to launch such co-branded tires. “It is a high performance product. It usually fits Toyota Corolla and Honda Civic vehicles. It is a very popular size in the world,” Satish Sharma, president (Asia Pacific, Middle East and Africa), Apollo Tyres, told reporters. Speaking about the partnership with Manchester United, Sharma said, “This partnership will help build the brand of the tire manufacturer.” Indian tire maker 2013 Signed a three-year partnership with Manchester United. Apollo Tyres also partnered with Manchester United Football Club and Youth Football International Partnership (YFI) to launch a scholarship program for the development of young soccer talent in the country. As part of the Apollo Tires Scholarship Program from 192 years, six participants will be selected to ...
JanetBernal
47
May 29, 2024
Race for Kesoram’s tyre unit hots up as Apollo enters fray
MUMBAI: India’s two leading tire makers Madras Rubber Manufacturers (MRF) and Onkar Kanwar-led Apollo Tyres are in a bidding war to acquire the main tire unit of BK Birla flagship Kesoram Industries, raising interest in a possible bidding war for the North Arkhand plant. At the same time, it could further add to the value of the plant, which already far exceeds the market capitalization of the entire diversified Birla group. While MRF he is the leader for the plant, many sources with knowledge of the ongoing negotiations say Apollo has also recently entered the fray. For Apollo and MRF In addition, the acquisition will improve their manufacturing position and strengthen their market share in North India. In the commercial vehicle tire segment, they are ranked first and second, respectively. Next week is expected to be decisive. Apollo and Kesoram promoters are expected to meet in New Delhi on Monday to discuss the issue, according to sources quoted earlier. Later in th...
LeonardLarkin
45
May 29, 2024
Raj Banerji replaces Sunam Sarkar as Apollo Tyres’ CFO
NEW DELHI: Raj Banerji has been appointed as Chief Financial Officer (CFO) of Apollo Tires Ltd. He succeeds Sunam Sarkar, who was recently reappointed as president and chief commercial officer (Sunam Sarkar). The Indian tire manufacturer said in a press release: Commenting on the appointment, Kanwar, Vice Chairman and Chairman, Apollo Tires, said: “While providing additional impetus to this growth, it will also contribute to the overall financial health and stability of the organization.” Raj’s last job was as CFO of the refining business of one of India’s largest private companies. Prior to that, he spent 20 2000s at BP (formerly BP), where he held various leadership roles in oil exploration, commodities trading, marketing and refining. Raj has 24 years of experience in Europe handling key functions such as investor relations, corporate finance, planning and performance management, and risk management. He will report to nerajj Kanwar, Vice Chairman...
OgdenGladstone
48
May 29, 2024
CEAT Tyres to sponsor IPL strategic timeout
Kolkata: CEAT Tires, the flagship company of RPG Enterprises, has signed a three-year strategic moratorium sponsorship deal with the Indian Premier League partnership (IPL) at an estimated cost of Rs 150 crore. According to sources, CEAT Sam’s deal with the Board of Control for Cricket in India Balsara Madison Company World and Sunil Gavaskar is being promoted by the professional management group. It covers the 8th, 9th and 10th seasons of IPL. At the time of writing, IPL Chief Operating Officer (COO) Sundar Raman and RPG Enterprises Chairman Harsh Goenka ET had not responded to messages sent. Each IPL match contains 4 strategic time limits of 2.5 minutes each. The money earned from them also goes into a central revenue pool shared by the teams. Sources said CEAT was recognized as a strategic suspension partner after the IPL steering committee meeting last month. In 2010, handset maker Maxx signed a three-year strategic moratorium partnership agreement, but pulled out a...
AugusWild
55
May 29, 2024
1 … 959 960 961 962 963 … 976
Q&A
Encyclopedia entry
You May Like
Contacts Us:
Tel：WhatsApp +1 (443) 226-3000
email：service@cnauto.vip
User Agreement Privacy Policy Cookie Policy Intellectual Property Protection Policy About us
Copyright © 2021-2025涂多多(青岛)跨境电子商务有限公司All Rights Reserved