Apollo Tyres, one of the leading tyre manufacturers in India, has been expanding its presence globally under the leadership of Vice Chairman and Managing Director, Neeraj Kanwar. The company has been bullish on India, while also eyeing opportunities in the US and Middle East markets.
Recently, Apollo Tyres announced its plans to invest around $500 million in setting up a new manufacturing plant in Andhra Pradesh, India. The plant is expected to have a production capacity of around 15 million tyres per year and will cater to both domestic and international markets. This investment is a part of the company’s larger plan to expand its capacity and strengthen its position in the highly competitive Indian tyre market.
In addition to the expansion in India, Apollo Tyres has been actively looking to expand its footprint in the US market. The company had acquired Cooper Tire & Rubber Company, a leading US-based tyre manufacturer, in a deal worth around $2.5 billion earlier this year. The acquisition is expected to help the company gain access to the highly lucrative US tyre market and strengthen its position in North America.
Speaking about the company’s expansion plans, Neeraj Kanwar, Vice Chairman and Managing Director of Apollo Tyres, said, “We are bullish on India, and we believe that the Indian market has a lot of potential. At the same time, we are also looking to expand our presence in the US and Middle East markets. Our recent acquisition of Cooper Tire & Rubber Company is a step in that direction, and we believe that it will help us strengthen our position in the North American market.”
Kanwar further added, “Our focus is on providing high-quality products and services to our customers, and we are committed to investing in cutting-edge technology and innovation to stay ahead of the competition. We believe that our expansion plans will help us achieve our goals and take the company to new heights.”
Apollo Tyres is known for its focus on innovation and technology, and the company has been investing heavily in research and development to stay ahead of the curve. The company has also been actively promoting sustainable practices and has implemented several initiatives to reduce its carbon footprint.
In conclusion, Apollo Tyres’ expansion plans reflect its ambition to become a global leader in the tyre industry. The company’s focus on innovation, technology, and sustainability, coupled with its commitment to providing high-quality products and services, has helped it gain a strong foothold in the highly competitive market. With the new manufacturing plant in India and the acquisition of Cooper Tire & Rubber Company, the company is poised for further growth and success in the coming years.
