Apollo in expansion mode, unveils Vision 2020

Kochi, India – Apollo Tyres is eyeing new markets and aims to become a “premier tire company with a diversified and multinational presence,” by 2020, according to chairman Onkar Kanwar

During the company’s annual general meeting in Kochi, India on 5 July, Kanwar unveiled Apollo’s Vision 2020 growth strategy, which will see the Indian tire-maker building “leadership” in India, ‘premiumisation’ in Europe, and explore “strategically attractive markets” where the company is not currently represented.

Commenting on the new markets, Kanwar said Apollo “continues to work on products for the American market and other markets including ASEAN and Middle East to ensure that our products are available in various countries.”

According to Kanwar, Apollo introduced specific products for certain markets last year including Malaysia, Thailand, Europe and India.

He also highlighted the company’s opening of a greenfield tire plant in Hungary this April.

At home, said Kanwar, Apollo “will continue to invest in its various plants for capacity expansion and technological ‘upgradation’.”

The company has already completed phase 1 of a truck & bus radial expansion at its Chennai plant. It has also announced plans to set up a fifth Indian manufacturing plant in state of Andhra Pradesh to create capacities for the two-wheeler tires and other emerging product categories.

Elsewhere, Kanwar voiced his dismay at the continued import of low-cost tires from China, saying it had led to the closure of a production unit by another Indian manufacturer.

“This is a big issue as we saw a unit closing down because of these low-cost imports,” he added.

Kanwar, however, said Apollo had put in place a strategy to expand its bias product portfolio for “other segments like mining, agriculture, etc.”