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Apollo Tyres buys out Germany’s Reifencom for euro 45.6 million
Mumbai: Apollo Tires has acquired German tire distributor Reifencom GmbH for €45.6 32.4 lakhs (~€3.24 lakhs (~Rs 3.24 crore). this will bring our brand closer to European customers. “This will help Apollool improve its distribution channel portfolio in Germany and Europe and improve Apolloo & Vrestein Tires offline visibility, especially in the fast growing online retail space,” said Kanwar, Vice President, Apollo Tires Reifencom Neeraj. Reifencom will have 37 stores Apollo Tires has a service center in Germany and operates e-commerce portals in Germany, France, Italy, Austria, Switzerland and Denmark. in 2009, Apollo Tires acquired Dutch tire maker Vredestein Banden and, as a result, strengthened its presence in India for an undisclosed amount. in 2009, Apollo Tires acquired Dutch tire maker Vredestein Banden and, as a result, strengthened its presence in India for an undisclosed amount. In 2009, Apollo Tires acquired Dutch tire manufacturer Vredestein Banden, ...
DylanLowell
51
May 29, 2024
Budget 2016: A prudent, balanced and growth oriented budget, says Onkar Kanwar, Chairman, Apollo Tyres
Finance Minister Arun Jaitley presented the budget in the Lok Sabha today. He identified nine pillars for India’s economic growth. The focus of the budget was on addressing rural issues. Commenting on the budget, Onkarr S Kanwar, Chairman, Apollo Tyres Ltd, said, “The nine pillars articulate the government’s vision and the key themes of the budget are obviously rural and infrastructure, so I think it’s very important to clarify them.” He added, “Rural sector allocations will certainly stimulate demand and bring about economic growth, which is a long overdue reform, but implementation remains critical.” “Based on preliminary reports, we believe this is not the case. Given the government’s prioritization of Skill India and job creation goals, manufacturing has a large share of the budget. Secondly, given the large allocations across sectors, manufacturing has a large share in the budget. Kanwar said the government will maint...
AmosScripps
69
May 29, 2024
Bridgestone looks to enter two-wheeler tyre segment in India
NEW DELHI: Japanese tire giant Bridgestone is looking to enter the two-wheeler segment in India to become a leading player in the country. The company today launched a range of fuel-efficient tires for passenger cars under the Ecoopia brand, but is yet to enter the fast-growing two-wheeler tire segment. Kazuhiko Mimura, Managing Director, Bridgestone India “No news has been confirmed but we are actively looking to enter the two-wheeler tire market in India. We are currently in the initial planning stage.” The company aims to be the undisputed leader in the Indian market but did not reveal any details of its entry into two-wheelers. The Ecoopia range was launched with two tire series-EP150 and EP850-, small and medium sized passenger cars such as the Amaze and the demand for sport utility vehicles like the Scorpio and Fortuner. The company said that EP150 tires will offer 7% fuel efficiency for passenger car customers and EP850 series will offer 10% fuel effi...
FitchWarren
53
May 29, 2024
Apollo Tyres resumes operations at Oragadam plant
NEW DELHI: Apollo Tyres today said operations have resumed at its manufacturing plant in Oragadam near Chennai. Company on BSE “The company has started production and operations. We have ensured that excess water is discharged into the rainwater harvesting system. There is no blockage in the rainwater drainage system. Our employees are safe.” He added that there was no damage to the equipment. The company said: “The company has only experienced loss of production / consequent loss of profit, which is not significant. So far we have stopped production 10 times a shift (about 1,5000 tons).” The company added that it will be able to assess insurance losses in due course once normalcy is fully restored. Apollo Tyres has suspended its plant operations because Chennai has experienced the worst rainfall in more than 100 years leading to flooding.
GeraldTemple
41
May 29, 2024
Rain disrupts production at Apollo Tyres Oragadam plant
NEW DELHI: Apollo Tyres Ltd today said production work at its plant in Oragadam near Chennai has been stopped. “As on December 2, 2015, production has been suspended for three shifts. The loss of production due to natural calamity is about 450 tons (approx),” Apollo Tyres at BSEE said in the filing. The company added that it is fully covered for natural calamities under its insurance policy. In August last year, the company announced plans to expand its Chennai plant with a capital expenditure of 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 day to 12,000,000 tires per day. Heavy rains in Chennai disrupted the operations of major IT as well as automobile companies. Yesterday, companies including Kochi Tek, Infosys, TCS, including Hyundai, Ford and Renault temporarily closed their offices and manufacturing plants around the flood-hit city.
MeredithBilly
47
May 29, 2024
Rubber and tyre industry says imports have been less than production-consumption gap this year
KOCHI: The rubber and tire industry has strongly contested import claims. The United Plantation Association of South India (UPASI) recently said that the rubber industry is suffering as natural rubber (NR) production in India is much higher than the domestic production deficit. According to the Rubber Board, the gap between production and demand of natural rubber was 255,000 tons from April to October of the current fiscal year, but imports of natural rubber stood at 252,000 tons. “Imports of natural rubber are much lower than the gap between domestic production and consumption. Their argument that imports are hurting growers is flawed. On the contrary, the President of the Association of Indian Rubber Industries (AIRIA) said that the industry is under a punitive tariff structure (AIRIA ) Gupta said that imports of natural rubber are much higher than the finished product, leading to a decline in the competitiveness of the industry. The industry has also objected to th...
MarthaBertha
75
May 29, 2024
Michelin launches new range of superbike radial tyres in India
New Delhi: Leading tire manufacturer Michelin today launched two new ranges of superbike tires in India. The Pilot Road 4 and Pilot Power 3 600cc tires are designed to deliver high performance on the 600cc aforementioned superbikes, Michelin said in a statement. The two new tire ranges cover a range of supersport motorcycle models for road and track use from Kawasaki, Ducati, Aprilia, Benelli, etc. ItaliaAdded, Yamaha, Starlet, Honda, and other road motorcycles. “Industry analysts have predicted that the Indian superbike market for 500cc and above will double in the next five years, growing 40-50% year-on-year.” Pradeep G Thampy said of Africa and the Middle East. It is an exciting time for the Indian performance motorcycle market, he added. “Our motorcycle tire portfolio now covers the widest range of motorcycle, performance or daily commuter markets in India. We are committed to the Indian market and will continue to excite Indian consumers with our...
ReganService
78
May 29, 2024
Tyre production falls in April-September period: ATMA
NEW DELHI: India’s tire production declined in the first two quarters. Data from the Automotive Tire Manufacturers Association (ATMA) showed that production declined in all categories except passenger cars in the current fiscal. According to the latest data released by ATMA, the production of passenger car tires increased by 7% to 18.98 million in April-September this year compared to the same period last year. The second largest segment is medium and heavy commercial vehicles (MHCV) tire production was 8.387 million in the reporting period, down 2% from 8.548 million in the April-September period last year. Finance. Commenting on the trend, Raghupatita chairman Ragh Singhania said, “Production and sales of MHCVs have recovered in the current fiscal while domestic production of MHCV tires has declined.” Considering MHCVs, the segment accounts for 55% of the tire industry’s revenue and the low growth in the heavy commercial vehicle tire segment has...
ZoeHolt
47
May 29, 2024
Domestic tyre companies seek protection against dumping from China
NEW DELHI: Ahead of the budget, domestic tire makers have demanded anti-dumping duties and higher tariffs on cheap Chinese bus and truck spokes, saying existing investments in the sector are under serious threat. To reduce imports from China, the domestic industry wants tire products, especially those made by Chinese companies, to strictly adhere to the Bureau of Indian Standards (BIS) logo. Automotive Tire Manufacturers Association (ATMS) “While India seeks new investments, existing and ongoing investments are under serious threat of tire dumping,” he said in a report . The paper, titled “Should India’s Bus Tire Manufacturing Industry Import from China? states that there is a need for measures such as anti-dumping duty and 30% increase in tariff on tires to protect the domestic industry. The current total investment in Indian tire manufacturing by domestic and multinational companies and recently completed is Rs. 360 billion. Raghupati Singha...
LucienHope
51
May 29, 2024
US launches anti-dumping probe on tyres from India, Sri Lanka
WASHINGTON: The U.S. investigative agency has decided to continue its anti-dumping probe into some tires imported from India and Sri Lanka. This may get China out of the way, but it could also have a negative impact on the domestic industry. All six members of the U.S. International Trade Commission (USITC) have decided to determine that there are reasonable indications that imports of some new pneumatic off-road tires from India are causing significant injury to the U.S. industry. The prices are below fair value and are subsidized by the governments of India and Sri Lanka. The European Commission decided yesterday to minimize imports of these products from China, the statement said. Following the positive ruling by the European Commission, the Commerce Department will continue to investigate imports originating from India and Sri Lanka, and is expected to file preliminary countervailing duty and antidumping duty rulings on April 4, with plans to withdraw them. April 4 Date...
BurkeNicholas
51
May 29, 2024
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