India
Taiwan-based China Synthetic Rubber is considering investing 10 billion rupees (126 million euros; £110.9 million; US$146.8 million) in a carbon black manufacturing facility in Gujarat, India. According to the Financial Express, the company has identified potential locations in the chemicals and petrochemicals investment region for the proposed project.
Apollo Tyres has voiced its pleasure at being ranked highest in the small car segment of the recently-released JD Power 2018 India Original Equipment Tyre Customer Satisfaction Index (TCSI) Study.
Anant Goenka, managing director of Ceat Ltd., has been elected chairman of Indian tyre industry body the Automotive Tyre Manufacturers’ Association (ATMA). Rajeev Anand, chairman and managing director of Goodyear India Ltd., is the association’s new vice-chairman.
The Maxxis Group has officially inaugurated its first plant in India. The Maxxis Rubber India facility in Ahmedabad, Gujarat state, was set up with an investment of approximately US$400 million and specialises in the production of tyres and tubes for two-wheel vehicles. Production at the site began half a year ago with an initial daily capacity of 20,000 tyres and 40,000 tubes.
At an event held yesterday, groundbreaking took place for the future Maxion Wheels facility in India. Invited guests, including suppliers, customers, local officials and company management, were present to witness the ceremonial turning of the first sod and unveiling of a plaque to mark the occasion.
Online retailer Tyremarket.com is seeking to establish a market leading position in India through its latest investment drive. With India already the world’s second-largest internet user, and online transactions expected to rise rapidly in the next few years, the company is pursuing a strategy to reach the top spot in what is one of the largest developing tyre markets too. Lead by former Siemens executive Sanjeev Agrawal, and with UK online tyre retailer Blackcircles.com founder Michael Welch OBE on board as strategic adviser and shareholder, Tyremarket.com states that it is “on track for market leading position in the $5 billion plus domestic replacement market.”
On 19 February 2018, Maxion Wheels will hold a groundbreaking ceremony for its new light vehicle aluminium wheel plant in India. Preparations for the facility have already commenced with the acquisition of a plant site in Pune (Maharashtra state) as well as the formation of a new legal entity, Maxion Wheels Aluminum India Private Limited. This company came into being on 8 January.
Great Place to Work Institute has identified Apollo Tyres, India’s leading tyre maker, as one of India’s Best Workplaces in Manufacturing – 2018. The company is ranked among the top 10 workplaces in the manufacturing segment in India. Apollo Tyres has been rated highly for its transparency in performance management process, especially the variable pay, and the employee development programmes.
A total of US$45.5 million is being invested to expand the Yokohama Group’s global production capacity for off-highway tyres. The investment will cover the production of a new plant in India that will add a further 34,700 tonnes to Yokohama’s capacity by the end of 2019. Work on the plant will commence next month at the site in Dahej operated by ATC Tires Pvt. Ltd., a subsidiary of Yokohama Rubber’s July 2016-acquired off-highway company Alliance Tire Group (ATG).
After opening its new European factory last year, Apollo Tyres is now focusing on expanding its manufacturing footprint at home. A ceremony was held today to lay the foundation stone of the tyre maker’s fifth plant in India and seventh facility worldwide. The new factory is located in Chinnapanduru, Andhra Pradesh state, and is expected to enter operation in mid-2020. Apollo Tyres is investing close to Rs 18 billion (£209.4 million) in the first phase of the new plant project.
Full Circle Partners, the investment advisory firm co-founded by Blackcircles.com founder Mike Welch has launched a new property fund. FCP Property Development Fund will provide loans ranging from £250,000 to £2.5 million. It has reportedly already invested approximately £6 million and could raise that to £20 million in the next year or so.
Following the news that Point S was expanding into India at the beginning of the year, Point S has opened its first branded locations in Ludhiana, Punjab (North) and Kochi, Kerala (South).
In India the Point S concept is implemented through master franchise agreements with three regional partners who cover five of the most dynamic states: Deviate Enterprises for the Nation Capital Territory of Delhi and Punjab; GIAAN International for Maharashtra and Goa; and Tyrekada for Kerala.
Apollo Tyres has caught football fever in India – within the last month it has announced sponsorship deals with two clubs, Chennaiyin FC and Minerva Punjab FC, and now the tyre maker has become an official partner of the Indian Super League (ISL) for the current season. Its support of the ten-club championship will be manifest in campaigns planned for cities where matches are scheduled to take place during the remaining three months of the current season.
MRF Tyres has selected 42Gears EMM Solution to provide secure access to MRF product application on the tablets in the exclusive stores. 42Gears solution allows MRF to remotely manage the MRF application and push app updates. Further, the digital signage solution enhances customer engagement by turning the Lenovo tabs into kiosks during idle time.
Days after announcing its sponsorship of Chennai-based club Chennaiyin FC, Apollo Tyres has shared details of a new agreement with Minerva Punjab FC (MPFC). Under a five-year contract, the tyre maker will act as title sponsor to the Mohali-based club. MPFC plays in the Hero I-League, which along with the Indian Super League is one of two premier football leagues in the country.
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