TVS’ Ambitious Plans
TVS Tyres is set to increase its tyre exports. The Indian company, which has just launched seven new tyres into the market, expects exports to account for 40 per cent of its total turnover. It is also planning to increase its two wheeler tyre production by 15 per cent.
“At present our exports, of solid tyres only, contribute 15 percent to the total turnover. We have already established our presence in Europe, West Asia and Africa and are proceeding to the US and neighbouring countries,” said S Balasubramanian, VP, marketing of the company.
The company has installed further machinery in its factory to meet its production goals and says it expects a 60 per cent increase in the OEM segment and 25 per cent in the after sales market by the end of the financial year.
“We had 25 per cent turnover growth in the first quarter of this fiscal. We are targeting 20 per cent share in sales and after-sales market, which now stands at 12 per cent,” Balasubramanian said.