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Chinese imports clouding ‘Make in India’ drive: Apollo Tyres
Chennai: A senior official of Apollo Tyres today expressed alarm over the rise in imports of Chinese tires, saying it was jeopardizing the center’s ‘Make in India’ activities. Apollo Asia Pacific, Middle East and Africa president satish “In the beginning, Chinese products did not have much of an impact on the lunch line of trucks and buses, but last year Chinese imports increased by 70% and this year by 40%.” Tire satish Sharma told reporters here. He gave statistics, “The bus midday tire industry sells about 400,000 tires per month. We (Apollo Tyres) sell about 100,000 tires per month. China Tire sells 150,000 tires a month. “I am selling,” he said. Sharma, who is also the vice-president of the Automotive Tire Manufacturers Association (ATMA), which represents the tire industry, said he has complained to the government. He said, “After two years of concern and negotiations with the government, they (government) accepted...
HildaChurchill
73
May 29, 2024
Radial tyre sees import surge, industry seeks anti-dumping duty
NEW DELHI:In response to the surge in imports of Truck and Bus Radial (TBR) tires (which grew by nearly 30% in the first half of this year in 2016-17) has asked the government to impose anti-dumping duty on the following products, imported from China. TBR tire sales in India stood at Rs 8.45 lakh crore in April-September, up from Rs 6.56 lakh crore in the same period last year. Imports of TBR tires increased from 40,000 sets in the last fiscal year to 140,000 sets this year. The Automotive Tire Manufacturers Association (ATMA) said in a statement that the growth rate was around 400% in the three years from 2013 to 2014. ATMA President KM “The rampant import and dumping of radial tires, especially all-steel tires from China, has not abated. Imports from China on such a large scale are causing serious damage to domestic all-steel production.” The industry said Chinese radial tire dumping has reached “unprecedented levels.” Most of the Rs 3,500 crore...
CashPope
41
May 29, 2024
Apollo Tyres in race to acquire Kumho Tire in a $900 million deal
MUMBAI: Apollo Tyres is in talks with Chinese rival Shandong Linglong Tire for ChemChina to use $9 100 million to buy South Korea’s second-largest tire maker Kumho Tire, some sources told The Economic Times. If the Indian company succeeds, the deal would create a tire maker that would join the ranks of global tire makers. The top seven companies have a strong presence in the US and Europe. These three companies are among the four finalists. The fourth company is reportedly French heavyweight Michelin, although the Economic Times could not independently confirm this. Two years ago, Apollo bought US-based Cooper Tire for $2.51 billion, but it ended in failure. The consortium of creditors that took over seven years ago is in the final stages of beginning the process of selling its 42% holding. Credit Suisse is targeting creditors such as Woori Bank (14.2 stake), Korea Development Bank (13.5) and KB National Bank (4.2) for the auction. Apollo is in talks with several c...
AbbottDuBois
59
May 29, 2024
Cabinet likely to decide Tyre Corporation fate today
NEW DELHI: Loss-making Indian tire company could be the next to be hit by a government closure notice. The Union Cabinet is expected to take the decision on Wednesday. Experts say the move is in line with the government’s plan to turn around distressed public sector organizations by closing them down or selling strategic stakes. A government official, requesting anonymity, said, “The Kolkata-based employees will be offered attractive voluntary salaries and paid on the basis of 2007 Regardless of the size of the job, enjoy a retirement scheme in the name of the year.”
CoralLocke
58
May 29, 2024
Apollo Tyres’ Satish Sharma elected ATMA Chairman
NEW DELHI: Asia Pacific, Middle East and Africa Apollo Tyres Ltd (APMEA) Satish Sharma, President, was on Thursday elected as the next Chairman of industry body Automotive Tire Manufacturers Association (ATMA). Satish, who has been with Apollo Tires for 20 years, was appointed as APMEAA in early 2014 Prior to the President’s role as CMO, he held key positions as Chief Marketing Officer (CMO) and Director of India Operations. He is also a member of the company’s Management Committee. Eleven major tire companies, including India and Indian Tire Corp. international tire giants that account for over 90% of India’s tire production are members of ATMA. Association members include Apollo Tyres, Birla Tires, Bridgestone India, Ceat, Continental India, Goodyear India, JK Tire Industries, Michelin, MRF, TVS Tires and Yokohama. ATMA It is the link between tire manufacturers. We cooperate with the government in formulating policies related to the tire industry. We regu...
AbrahamGregory
47
May 29, 2024
Tyre industry anticipates subdued growth amid rising rubber prices
KOCHI: Consumers of natural rubber, especially in the tire industry, expect growth to remain weak in the first half of the year, despite manufacturers’ expectations of a better outlook from higher prices this year. Prices of the business important RSS 4 variety touched a five-month high of Rs 139 per kilogram. CP Krishnan, Executive Director, Geofin Comtrade “The bullish trend is likely to continue with increasing demand from China’s largest consumer.” Crude oil prices are also on the rise, pushing up synthetic rubber prices. This will also affect the natural rubber industry in India.” The international price of Rs 159 per kilogram, which is Rs 20 higher than the Indian price, cannot be imported. In 2015-2016, natural rubber imports hit a record high of 458, 374 tons. In the first eight months of the current fiscal, revenues were up 8% from the same period last year. International prices started rising in December. Krishnan said, “Productio...
LindsayBobby
47
May 29, 2024
Germany’s Marquardt to set up manufacturing facility in India
ET bureau Mumbai: German company Marquardt, which makes premium cars and switches plans to set up a manufacturing plant in India and expand its local R&D center to invest in the country’s growing car and two-wheeler industry. The company has already started supplying switches to commercial vehicles in India. Automakers Established in 2008 A few years ago, I started contacting mainstream passenger car manufacturers. Based on orders from Tata Motors and Fiat Chrysler, the company will expand its Mumbai operations and set up a greenfield plant in Chakan, Pune. Marquardt plans to set up a supply base with 200 plans million switches in the next four years, up from the current 35 switches million switches. We want to use India as a springboard for our two-wheeler switching business. Marquardt plans to invest Rs. 1 billion in its India business over the next few years in a new plant to double its capacity. With more than 400 R&D staff. The R&D center will carry out...
ColinJoule
63
May 21, 2024
Bosch shuts Bengaluru plant as pollution board serves notice
NEW DELHI: Auto parts giant Bosch has temporarily halted operations at its plant. After receiving the Karnataka State Pollution Control Board. (KSPCB) the company decided to shut down its Adugodi plant in Bengaluru. The company decided to shut down the plant after the KSPCB, after directing the closure of all industrial units in the Bangalore basin. Belandur Lake in Bengaluru. In a regulatory filing, Bosch Ltd said, “Pursuant to the above notification, the company hereby informs that its plant at Adugodi, Bangalore will be temporarily closed from today.” The loss of daily revenue would be around Rs 393 crore if the supply to customers is affected. Bosch added, “The company is reviewing the KPSCBBB instructions and will consider all options to ensure that customer deliveries are not disrupted so that operations can resume as soon as possible.” After the KSPCB inspects the facility, the affected companies will be able to reopen their plants. Bosch...
RuthChaucer
92
May 21, 2024
Hero MotoCorp Sept sales up 11% at 6,74,961 units
NEW DELHI:Hero, the country’s largest two-wheeler manufacturer MotoCorp today announced an 11.24% growth in September sales to 6, 74, 961 units. Hero MotoCorp in a statement said that the company’s September 2015 sales stood at 6, 06, 7444 units. Hero MotoCorp said in a statement that the company’s September sales were at an all-time high, surpassing the 2015 year 10 when the highest sales were recorded at 6, 39, 802 vehicles. This is the second consecutive month in which Hero six bikes have been sold. sales exceeded 100,000 units in August, with sales of 6, 16, 424 cars. This growth momentum is supported by a number of positive factors, including the first motorcycle designed and developed independently by Hero’s in-house R&D team, the Splendor iSmart 110. “The Glamour has become the best-selling 125cccc model, reinforcing our leadership position in the 125cccc “segment,” the company said, adding that “positive trends...
DarnellBentham
70
May 21, 2024
Fiem Industries may sign joint ventures with Honda Locks, Toyo Denso
NEW DELHI: Auto component maker Industries is exploring new opportunities as the company has set up at least two new joint ventures to diversify its products and expects to double its revenues in the next four to five years. Hondada Rox, a subsidiary of the Sonepat-based auto component maker and Honda Motor A Memorandum of Understanding (MoU) was signed. The MoU will soon turn into a joint venture. The company is yet to decide on the investment pattern of the joint venture, but will use the existing land in Tapukarara to manufacture components for the new company. “The investment in the coming year will be around Rs 2.5 crore for major investment in machinery and equipment,” Jain said. According to industry sources, Fiem is also in final talks with Toyo Denki, another Japanese component maker, to sign a joint venture agreement for automotive switches and other products. A source familiar with the matter said, “The two companies are in the final stages of n...
PhilAdams
62
May 21, 2024
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