Apollo Turnover to Double in 3 Years – Kanwar
India’s tyre industry will most likely grow by 8 to 10 per cent over the next five years, claims Apollo Tyres’ chairman Onkar S Kanwar. He added that in the coming three years the tyremaker’s turnover will double to US$2 billion. “We are looking at inorganic growth and have acquired a facility in South Africa and are also in the process of starting a facility in Europe”, said Onkar. Specific details of Apollo’s current activities in Europe, however, were not provided.
The company utilises 15 per cent of India’s natural rubber production, with 150,000 tonnes used each year, so it is understandable that rising prices feature strongly as a concern for Apollo. Kanwar believes that the upward trend in prices has the potential to erode 3 to 5 per cent of margins. “We are trying very hard to be above water and are trying to cut every corner to bring down production cost,” he added.