Apollo Tyres Aiming for the ‘Top Six’
Apollo Tyres has its eyes on becoming a global top six player within the next five years. Furthermore, by this time it intends to achieve an annual turnover of US$4 to 5 billion.
“Me and my whole team’s desire is to be amongst the top six players of the world in the next five years,” said Apollo Tyres vice chairman and joint managing director Neeraj Kanwar said. When asked how large the company needs to grow in terms of revenue in order to reach this select group, Mr. Kanwar replied: “Well, if you are talking of the top 5-6, their turnover is in excess of US$4-5 billion dollars. The top three players in the world are in higher teens, then is Continental which is in the US$4-6 billion dollar range.”
In October 2007 the company announced its intention to become a two billion-dollar company by 2010. At present the total revenue from its operations stands at of US$1.2 billion. “Hopefully, we should achieve it and then double it in three years,” Kanwar said. “For this to happen, both organic and inorganic growth would be required. Expansions alone cannot make it happen.”