Kanwar Reiterates Apollo Plans

Comments made by Apollo Tyres joint managing director and COO during his attendance at the World Economic Forum’s India Economic Summit on December 3 reiterate the tyremaker’s goals for the coming years. “As stated, we are looking to touch the two billion dollar sales by 2010 and we are looking to enter strategic markets in Asia Pacific and Europe in the passengers tyre segment,” commented Kanwar to media covering the New Delhi summit. When asked whether the company, who in 2006 paid £35.4 million in cash for South Africa’s Dunlop International, intended to support its expansion through further acquisitions, Kanwar replied that “both organic and inorganic growth will play important part as we aim to achieve our 2010 target.”

Recently Apollo has sought information on potential sites for a European production base, with locations in Germany, Poland, Hungary and Slovakia presently under review. At the same time, market share in the tyremaker’s two established ‘home markets’ is tipped to grow this year; by 18 per cent in India and 22 per cent in South Africa. And while rising costs are placing pressure upon margins, Kanwar added that Apollo expects “better margins on new products.”