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You are here: Home1 / India

India

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IFC takes 5.6% share in JK Tyre

Company News, International News

World Bank Group member IFC is investing US$30 million in JK Tyre & Industries. These funds will part-finance the expansion of capacities and integration of resource-efficient technologies into TBR & PCR manufacturing, leading to a more than 10% increase in radial tyre production. IFC gains a 5.6% stake in the tyre maker.

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Related news:

  1. JK Tyre now 26% shareholder in Treel Mobility Solutions
  2. JK Tyre reduces pay for management in “unprecedented” times
  3. Former F1 driver Karthikeyan JK Tyre’s new brand ambassador
  4. Anaj Kathuria to lead JK Tyre’s India business
22nd March 2023/0 Comments/by Stephen

Ceat names Anant Goenka vice chairman, Banerjee to become MD & CEO

Career Tracks

A new managing director and chief executive officer will take the helm of Ceat Ltd. from 1 April 2023. The Indian tyre maker has appointed current chief operating officer Arnab Banerjee as successor to Anant Goenka in both positions for a term of two years. On this date, Goenka will become Ceat’s vice chairman and in this role will lead parent company RPG Enterprises into “new business segments.”

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Related news:

  1. Goenka reappointed as Ceat Ltd MD
  2. Ceat’s Goenka becomes chairman of India’s ATMA
  3. Ceat: Higher input costs squeezing margins
  4. Ceat plant named a WEF Lighthouse
20th March 2023/0 Comments/by Stephen

Yokohama boosting Indian plant’s passenger car annual tyre capacity to 4.5 million tyres

Company News, International News
Yokohama

Yokohama is investing US$82 million in expanding the annual passenger car tyre production capacity of its Yokohama India Pvt. Ltd. (YIN) from 2.8 million to 4.5 million tyres. The new capacity will be installed within premises of the Visakhapatnam plant in eastern India and is scheduled to start production in the fourth quarter of 2024. At that point, the factory will be capable of building passenger car tyres up to 22 inches.

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Related news:

  1. Seyoun Tire’s 3.2 million tyre factory project gets underway
  2. MRF to increase tyre production capacity – reports
  3. Pirelli and Hixih move closer together
  4. Pyramids Tires: $350 million Egyptian factory begins manufacturing
16th March 2023/0 Comments/by Chris

Enter the Future: BKT to become an OTR one-stop shop

Company News, Product News

A fortnight ago, BKT announced its aim of increasing production by around 67% and achieving an annual turnover of US$2 billion in 3 years. The company’s Bhuj facility in western India is key to these plans and will soon manufacture numerous new products, including off-highway truck tyres, agro-forestry radials, tracks and an expanded mining tyre portfolio. BKT shares news of these and other plans.

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Related news:

  1. BKT: 67% more production, $2 billion turnover in 3 years
  2. BKT preparing for 51-inch giant tyre production at $500 million plant
  3. Pre-launch testing for BKT’s 57” rigid dump truck tyre
  4. BKT opens India R&D centre
3rd March 2023/1 Comment/by Stephen

Titan International: Strong 2022 results, India concerns

Company News, International News

Titan International, Inc. has reported record turnover and profitability during the 2022 financial year. While the US-based manufacturer of OTR tyres and wheels increased its net sales by 21.9% to US$2.2 billion, income from operations jumped by more than 141% to $205.8, almost doubling the return on sales to 9.5%.

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Related news:

  1. Titan: Russia-Ukraine war hasn’t impacted global operations
  2. Titan receives additional settlement put option notice
  3. Mahansaria Tyres (MTPL) to buy Tyres International
  4. Mixed feelings about Russia? – Titan International sends letter to Biden
28th February 2023/by Stephen

Mixed feelings about Russia? – Titan International sends letter to Biden

Company News, International News

In its most recent quarterly report, US-based off-highway tyre manufacturer Titan International, Inc. reports owning 64.3% of Russian tyre maker Voltyre-Prom, with the Russian Direct Investment Fund the remaining shareholder. Yet this connection with Russia hasn’t stopped Titan raising its voice against indirect imports of Russian petroleum products into the USA. Together with the United Steelworkers union, Titan has even sent a letter to Joe Biden.

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Related news:

  1. Voltyre-Prom: Key shareholder announces aim to sell stake in tyre maker
  2. Titan receives additional settlement put option notice
  3. War as a sales opportunity: Titan subsidiary increasing volumes in Russia
  4. Titan International: No further investments in Russian operation
27th February 2023/by Stephen

Apollo launches Vredestein Pinza all-terrain tyres in India

Company News, Product News
Apollo Tyres

Apollo Tyres Ltd has launched its Vredestein-branded Pinza AT tyres in India. Dubbed “dedicated and premium tyres for SUVs in India”, the Vredestein Pinza AT products feature “all-weather grip”, “excellent stability” and are said to deliver “comfortably rugged” and “quieter rides”, according to the company.

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Related news:

  1. Conserving costs, maximising business: Apollo Tyres’ response to the coronavirus pandemic
  2. Apollo Tyres’ #BadRoadBuddies returns
  3. Vredestein brand debuts in India
  4. Apollo Tyres opens €475 million greenfield Hungarian plant
17th February 2023/by Chris

Yokohama significantly boosting car tyre capacity in India

Company News, International News

In order to satisfy increasing local demand, Yokohama Rubber is expanding passenger car tyre production capacity in India. It will invest US$82 million in its Yokohama India manufacturing and sales subsidiary to increase capacity from 2.8 million tyres per annum to 4.5 million tyres.

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Related news:

  1. $171m investment: Capacity at Yokohama OHT’s new plant to double
  2. Reduced lead times: YOHT’s newest plant
  3. India expansion to boost Yokohama Rubber’s off-highway tyre production
  4. YOHT opens 3rd plant in India
17th February 2023/by Stephen

BKT: 67% more production, $2 billion turnover in 3 years

Company News

Off-highway tyre specialist BKT has quantified its growth ambitions, and the figures are ambitious. Tyrepress reported yesterday that the manufacturer’s capacity across all manufacturing facilities will reach 360,000 tonnes later in 2023. But BKT has big plans for its “most strategic plant” in Bhuj and has announced its goal of harnessing this facility to achieve annual tyre production of 600,000 tonnes in 3 years. It also intends for turnover of US$2 billion a year by the end of this period.

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Related news:

  1. BKT preparing for 51-inch giant tyre production at $500 million plant
  2. Early 2016 opening for BKT R&D centre
  3. BKT opens India R&D centre
  4. BKT better positioned to serve OEMs with new European HQ
14th February 2023/by Stephen

BKT consolidating Waluj production in single, 55 KTPA plant

Company News, International News

Late in 2021, BKT announced operations would continue at its 1988-inaugurated Waluj factory following the commissioning of a plant originally intended to replace it. A year down the track and BKT reverted to its initial plan and is now redirecting the capital expenditure of Rs 3.5 billion (£35.2 million; US$42.4 million) previously approved for modernising the old plant to the newer Waluj facility to “bring in economies of scale.”

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Related news:

  1. BKT opens India R&D centre
  2. Balkrishna to build carbon black plant
  3. EATD to distribute Mahansaria off-highway tyres in 8 European markets
  4. BKT investing to keep old Waluj plant in service
13th February 2023/by Stephen

Apollo presents agri tyre with 75% sustainable materials

Company News, International News

Apollo Tyres aims for at least 40 per cent of the raw materials it uses by 2030 to be sustainable, and to show what it can already achieve the tyre maker has produced an agricultural tyre containing 75 per cent sustainable materials. Although just a concept, Apollo is evaluating the product’s potential commercialisation.

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Related news:

  1. Aiming for market leadership: Apollo investing a further £610 million in India
  2. Apollo Tyres partners with Indian cricketing great
  3. India’s competition authority approves Warburg Pincus’ investment in Apollo Tyres
  4. Cutting ‘bad’ costs, working smarter – Apollo MD Neeraj Kanwar answers T&A’s questions
10th February 2023/by Stephen

European car tyre imports rise despite apparent risks of offshoring production

Company News, International News, Premium, Product News, UK News
Astutus Research

The European passenger car and light truck tyre (PCLT) import market recovered substantially from its bout of Long Covid in the second half of 2022 as the benefits of local versus remote production took an unexpected hit. A perfect storm of significantly lower freight costs and high European energy costs nudged the dial on the relative competitiveness of imports and domestic PCLT tyre production in the second half of 2022. Looking at the European PCLT tyre market through the prism of imports, leading sector analyst Astutus Research shares with Tyres & Accessories its data demonstrating the effects of a rapidly changing market context. The latest Astutus Research briefing, ‘Supply Dynamics in the European PCLT Tire Industry to 2028’, priced at £995 is available now on Tyrepress.

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Related news:

  1. EU-27 plus UK tyre imports rise 11% as winners and losers emerge from turbulent market
  2. Higher rim size car tyre sales rising in UK’s stratified recovery – GfK
  3. Cooper acquisition is a game changer – Apollo MD talks to T&A
  4. Hankook scales back production, sets record inventory glut
7th February 2023/by Andrew

Apollo Tyres’ 9M revenue up 19%

Company News

Apollo Tyres Ltd. maintained its market share within Europe’s passenger car and light truck (PCLT) market in the three months to 31 December 2022 (Q3 FY2023) despite declining approximately 14 per cent year-on-year in this market. The tyre maker primarily attributes this negative growth to high channel inventory, a mild winter and the economic slowdown.

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Related news:

  1. Apollo Tyres continues European turnaround
  2. Apollo Tyres FY 2021-22 financial results
  3. Apollo profits up 64% in fiscal 2013-14
  4. Apollo Tyres opens €475 million greenfield Hungarian plant
6th February 2023/by Stephen

Does Apollo occupy 35% of the Indian tyre market?

International News

At the start of 2022, several sources on social media shared a chart suggesting that Apollo Tyres is the biggest tyre manufacturer by market share. And what’s more, Michelin was nowhere to be seen. “Don’t believe every meme you see” is great advice for everyone, but for us “check your sources” is a basic rule of thumb. So, we had to take a closer look at those market share claims and found that, while there’s no smoke without fire and they do relate some truth, there is also a fair bit more to the story.

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Related news:

  1. Indian tyre makers investing to boost local rubber production
  2. Indian Tyremakers to Spend £670 million
  3. Sonil Ventilfabrik Hosts 27th ITTAC Meeting
  4. Lower rubber prices push up Indian tyre shares
30th January 2023/by Chris

Ceat: Q3 2022 financial results

Company News

Ceat Limited, an RPG Group company, reports consolidated revenue of Rs 27.27 billion (£269.9 million) for the three months to 31 December 2022, the third quarter of its financial year. This result represents a year-on-year increase of 13.0 per cent. EBITDA rose 61.8 per cent year-on-year to Rs 23.14 billion (£229.0 million), with an EBITDA margin of 8.5 per cent, up 256 bps compared with the same period of last year. Net profit stood at Rs 348 million (£3.4 million).

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Related news:

  1. Ceat: Higher input costs squeezing margins
  2. Apollo Tyres annual net profit up 12 per cent, but European sales slide
  3. Ceat Ltd: Profit drops 99%
  4. MRF: Profits halved thanks to unprecedented material cost rises
27th January 2023/by Stephen
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