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Customer happier with original tyres, JK Tyre at top: JD Power
According to JD, New Delhi: In a study by Power in Asia Pacific, Indian customers have reported significantly fewer problems with products sold in the country over the past five years as the quality of original tires has improved. According to the JD Power Asia Pacific India OEM 2015 Tire Customer Satisfaction Index Annual Report released today, JK Tires in the country ranked highest in overall customer satisfaction, followed by MRF in Chennai. The report shows that the overall customer issue rate has dropped significantly from 18% in 2010 to 9% in 2015. Arora, Managing Director, JD Power Asia Pacific “This decline is due to a significant drop in the reported rate of the most frequently cited problem-frequent flat tires-from 77% in 2010 to 57% in 2015. Findings: ‘Over the past five years, original equipment manufacturer (OEM) tire quality and performance have continued to improve, and customer satisfaction has increased. ‘ He added that this bodes well fo...
MiloDuBois
49
May 29, 2024
JK Tyre leads race for Rs. 2,000 crore Birla Tyres deal
NEW DELHI: India’s third-largest tire maker JK Tires he has emerged as the leader in buying Birla tires from Kesoram Industries, the flagship company of the Birla group, starting with BK, for slightly more than a rupee. The amount is 20,000 crore dollars, said two people familiar with the matter. The deal will give the company a market share in India starting from 13% Increase JK to about one-fifth, increasing JK to Tires equal to second place Apoloolo compared to Tires. A source close to the matter said, “Discussions are at an advanced stage and the outline of a broad deal has been finalized. The deal could be finalized soon or next week. The funds for the proposed acquisition have been raised. “Birla The company has rejected any sale of the unit. Kesoram Industries Gautam secretary Ganguli SMSed: “Kesoram has no intention to damage the tire parts (Birla Tires).” The deal can be funded through a combination of debt and equity. JK Tires will borrow...
SimonaGus
49
May 29, 2024
JK Group to buy Kesoram’s Haridwar tyre unit for Rs 2,200 crore
NEW DELHI: India’s third largest tire maker JK Tire Industries has signed a binding agreement with Kesoram Industries Limited, a flagship company of the BK Birla Group, for Rs 219.5 signing crore for acquiring a manufacturing plant in Laksar village in Hariwar district. We manufacture a wide range of tires, inner tubes and outer tubes. According to the deal overview, JK Tires acquisition of Kesoram will acquire Cavendish Industries, a wholly owned subsidiary of Industries, which has a tire plant in Laksar. JK Group has agreed to acquire an enterprise value of Rs 200 crore at around 220. The transaction will be funded by internal accruals and debt raised by JK Tyres and other JK Group subsidiaries. The financial exposure to the JK Tire acquisition is expected to be around Rs 4.5 billion as per the Bombay Stock Exchange disclosures. ET first reported the proposed transaction this year in July. In a statement, JK Raghupati Singhania said, “The transaction reflects th...
PamelaJessie
53
May 29, 2024
Apollo Tyres plans to invest Rs 2,700 cr to double Chennai plant’s capacity
New Delhi/Kochi:Apollo Tyres has doubled its capacity in Chennai. The plant will see an investment of Rs 2,700 crore over the next three to four years. At its annual general meeting in Kochi on Tuesday, the company said consolidated net profit for the June quarter rose 27.5% year-on-year to Rs 290.6 crore mainly on the back of strong operational performance and low finance costs. However, sales reached 2.8453 trillion rupees, down 12 percent from a year ago due to lower demand. Total sales amounted to KRW 283.2 billion. The company declared a dividend of 200% for 2014-15. Chairman OS Kanwar The increase in imports of commercial vehicle tires has had a negative impact on the company’s India business. He said that Apollo’s European business is growing steadily. The company said Rs 200 crore of the planned investment will be funded through rupee term loans, foreign currency term loans, external commercial loans and non-convertible debentures. The rest will come from inte...
TheresaAled
48
May 29, 2024
MRF Tyres opens MRF Tyredrome
KOCHI: MRF Tire Giant Ltd MRF has opened Tyredrome to serve its customers in the region. Koshy Varghese, Vice President Marketing, MRF Ltd A ceremony was held today to complete Palarivatom’s plant opposite Jawaharlal Nehru Stadium, Cochin. Tyredrome is equipped with state-of-the-art equipment to provide car care services, automated diagnostic wheel balancing, robotic wheel alignment and more.
EdisonBernard
43
May 29, 2024
Apollo Tyres to raise Rs 2,000 crore for capex plans
Chennai: Apollo Tyres today said its board of directors has agreed to raise about Rs 200 crore to meet his capital expenditure plans, including expansion of two plants in the south. “In order to meet the expanding capex requirements of the Chennai and Kalamassery (Kerala) plants, the Board of Directors has approved the raising of 200 one crore rupees of debt through rupee term loans, foreign currency term loans and non-depository vouchers.” Sometimes, Apollo Till said in a filing on Mad Cow Disease Exchange. The company is reportedly seeking shareholders’ approval through a postal ballot for private equity in not more than 100 of the company’s total loans In order to meet the capex requirement, Rs 100 crore of unsecured NCDs. The company said it plans to expand its Chennai plant where the capex is Rs 120 crore. The plant produces tires for trucks and buses. Under the expansion plan, the production capacity will increase from 8900 start tires per ...
GeorgeGunter
52
May 29, 2024
Apollo Tyres closes 300 million euro financing for Hungary plant
NEW DELHI: Apollo Tyres today said it has completed three upcoming manufacturing plants in Hungary Euro financing of $100 million. Apollo Tyres said in a statement that it has successfully closed 3 greenfield plants in Hungary financing of 100 million euros. It added that a consortium of international banks including ABN AMRO, Magyar Export-Import Bank, Raiffeisen including Standard Chartered Bank and UniCredit Bank Hungary provided support and debt financing to the company. The company began construction of the plant earlier this year with a total investment of 475 million euros. K, Managing Director, Apollo Tyres Hungary: “We thank our consortium partners for providing appropriate solutions to the specific financing needs of the project and facilitating its smooth implementation.” Prabhakar said. The first batch of products is expected to leave the factory at the beginning of the production year 2017, which will create around 10,000 jobs in the country...
NoraPrice
52
May 29, 2024
Tyre manufacturers fear a surge in imports on falling yuan
Takashi: For Indian tire makers, the devaluation of the yuan is a double whammy. They have been hit by increased imports of Chinese tires due to the downturn in the market and fear that the devaluation of the yuan will further increase supply from neighboring countries. The industry is forecasting a sharp increase in imports this month. According to the Automotive Tire Manufacturers Association, China’s share of imported tires has increased from 48% to 90% over the past three years (ATMA). “It is time to devalue the yuan,” Apollo Tyres chairman Onkar S Kanwar he said. He said China’s tire imports grew 24% in the last fiscal, with year-on-year growth in truck tire imports in the April-June quarter. Compared to last year, there was almost 75% growth. “For related trucks with midday tires, low-cost Chinese tires account for more than 10 percent of the industry’s replacement market, and this is likely to increase in the future due to furthe...
WadeKelly
76
May 29, 2024
Apollo Tyres raises Rs 2,260 crore debt for greenfield plant in Hungary
Mumbai:Apollo Tyres on August 26 announced that it has successfully closed a €100 million (Rs. 226 crores) financing for three greenfield plants in Hungary. The tire maker raised the debt from a consortium of international banks including ABN AMRO, Magyar Export-Import Bank Zrt.Raiffeisen Bank Zrt.Standard Chartered Bank and UniCredit Bank Hungary. ABN AMRO Bank N.V. acted as the loan documentation agent and Raiffeisen Bank Zrt. He is a facility and security officer, the Gurgaon-based company said. K, Managing Director, Apollo Tyres, Hungary, “We thank our consortium partners for providing appropriate solutions to the specific financing needs of the project and facilitating its smooth implementation.” Prabhakar said. Construction of the greenfield plant commenced in April 2015 with a total investment of 4.755 million euros. The first products are expected to be made in 2017. Launching early in the year, the plant will create around 10,000 jobs in the country. ...
AndreIsaiah
48
May 29, 2024
JK Tyre & Industries plans to enter two-wheeler segment; may take trading route
NEW DELHI: India’s third-largest tire maker K Tire Industries plans to enter the two-wheeler segment through trade channels to avoid reinvesting in manufacturing facilities due to slowdown in the auto market. “We tentatively plan to outsource and sell two-wheeler tires,” Raghupati Singhania, CMD, JK Tire, said in an exclusive interview with The Economic Times. We are working on registering suppliers and looking for domestic and international suppliers. We will be aftermarket and original equipment manufacturers (OEMs) in this segment to provide services. ‘ The Delhi-based company currently manufactures four-wheeler, bus and truck tires and will be competing with giants MRF Partnership, Ceat and TVS in the two-wheeler segment. JK Tyres has taken a cautious approach amidst the uneven growth of the automobile industry. “We have to be extra cautious while making new investments. So far, no new announcements have been made. So, looking ahead, we will have...
XavierRosalind
47
May 29, 2024
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