Apollo Tyres Planning China Expansion
Apollo Tyres is reportedly working on a strategy to enter China, currently the world's largest tyre producing and exporting market. If Apollo is successful in this venture it would be the first Indian tyre manufaturing company to establish a permanent production presence in China.
“We aim to be a global tyre producer with footprints in all corners of the world,” Onkar Kanwar, Apollo Tyres' chairman, said at the launch of the brand in Europe, adding: “Only China is out of bounds right now but we will chart a strategy to be present there as well, through either a joint venture or a contract manufacturing arrangement.“
In addition to planning a China strategy, Apollo is reportedly considering further moves in growth markets like Latin America and Africa: “We will grow organically (through capacity addition) as well as inorganically (acquisitions) and are looking for targets in Africa and Latin America,“ Hindustran Times quoted Kanwar as saying: “The US market itself is in a down- turn and margins are wafer thin. It is also one of the most challenging markets due to its product liability clauses.”