Apollo Tyres To Increase Capacity
Apollo Tyres has said that it will invest Rs 1,000 crore (around US$237 million) this year to increase capacity at its factories in Gujarat and Kerala. The projected production increase is 10 per cent on the current figure of 850 tonnes/day.
Demand has been boosted by a surge in car sales –sales of passenger cars in India have doubled over the past six years and India is now Asia’s fourth-largest vehicle market. 78 per cent of Apollo’s sales are made on the domestic car tyre replacement market and the growth looks set to continue, with Nissan, GM and other car manufacturers planning investments in India, totalling US$ 6 billion.