Apollo Looking For Acquisitions

Armed with a US$35 million loan from Industrial Finance Corporation of India (IFCI), in Washington, Apollo Tyres India is on the lookout for acquisitions. The company’s Chairman-cum-Managing Director, Kanwar Singh, said the company was open for acquiring tyre companies in the country and was in talks with a number of them. “There is no time frame for going for acquisition, but we are open to the idea,” he said.

Apollo Tyres is aiming to bring down its borrowing cost by 50 per cent from current levels and is confident to reach a turnover of US$415 million during the current financial year. Commenting on reducing borrowing cost, Kanwar Singh said, “Not only we are expecting a steep fall in borrowing cost, but measures like a cost cutting drive will also bring in much better control.”.