Gurgaon, India – Apollo Tyres Ltd is focused on enhancing its corporate-management structure as part of its strategy to become a top-flight player in the global tire manufacturing industry.
“To achieve the vision, we believe that one of the aspects is to make our company a leader in corporate governance,” chairman Onkar S Kanwar said in a speech at company's 47th annual general meeting on 20 Aug
This is in line with Apollo’s vision of being ‘a premier tire company with a diversified and multinational presence’, the chairman added in his 20 Aug address.
Kanwar pointed, in particular, to the recent addition of Warburg Pincus to the Apollo Tyres Ltd board (ERJ report) as marking a significant step forward for the Indian tire group.
The move, linked to the equity firm's investment of €138 million in Apollo is a vote of confidence in our business and "will further strengthen our board and governance,” according to the chairman.
The New York-based firm, which announced its investment in Apollo preference shares in February, manages over $53 billion in private equity assets within a portfolio of over 185 companies across various sectors and geographies.