India
Yokohama has denied press reports that it is aiming to buy a majority of Alliance Tire Group (ATG). Acquisition talk had suggested private equity firm Kohlberg Kravis Roberts (KKR) was in talks to sell what would amount to a majority shareholding of its stake in ATG (which is currently 90 per cent) to Yokohama.
Kumho has designed a “futuristic” all-terrain tyre for the innovative Hyundai Carlino compact SUV unveiled at Auto Expo 2016 in Delhi. The tyre, designed in collaboration with the South Korean car manufacturer, has been engineered to adapt to all manner of surfaces while maintaining optimum grip. With strong on- and off-road performance, the Kumho-shod Carlino […]
Indian tyre maker Ceat Ltd reports it has given its wholly-owned Ceat Specialty Tyres Ltd (CTSL) subsidiary land in Ambarnath, near the city of Mumbai, for the purpose of erecting a new greenfield radial OTR tyre factory on the site, and has further aided the project through an Rs 250 million (£2.6 million) equity investment in CTSL in the October to December 2015 quarter. Altogether, CTSL will invest Rs 3.3 billion (£33.8 million) to build a plant with an initial daily capacity of 40 tonnes.
The global profile of sport in India has been growing with the country’s economic prosperity, signified primarily by the wealth and interest of cricket’s Indian Premier League. Now the potential for it to become a significant global player in motorsport has been trumpeted by tyre manufacturer – and sporting equipment supplier – MRF. The manufacturer suggests a podium from the final races of the MRF Challenge series at Chennai symbolises India’s emergence; on the top step is Pietro Fittipaldi (grandson of Emerson), 2nd is Harrison Newey (son of Adrian), and 3rd is Mick Schumacher (son of Michael).
Indian financial daily The Economic Times reports that American private equity firm KKR & Co. L.P. has begun initial talks that may result in the sale of its 90 per cent share in off-highway tyre specialist Alliance Tire Group. The publication names Sumitomo, Continental and Michelin as potential buyers, however it notes that no confirmation of these firms’ interest has been given.
TVS Srichakra Limited is set to launch a radial motorcycle tyre range in April. Speaking to the local The Hindu newspaper, company director P. Vijayaraghavan said the new range would “initially cater to the needs of the expanding high-end motorcycles market”.
TVS Srichakra, part of the Chennai-based US$8 billion TVS Group, recently launched tractor rear radial tyres in Europe.
Auto Expo 2016 will open to the public later this week. The exhibition, which takes place in Greater Noida, near New Delhi, is said to be Asia’s largest and the world’s second-largest motor show, and attracted more than 700,000 visitors last time round. Yokohama Rubber has confirmed its presence there as an exhibitor.
India’s largest tyre maker, MRF Ltd, has announced its unaudited standalone results for the quarter ending 31 December 2015. The company reports total income of Rs 33786.3 million (£349.9 million) for the period, 2.9 per cent less than the October to December 2014 quarter. Net profit stood at Rs 3881.5 million (£40.2 million) for the quarter, 20.0 per cent higher than a year earlier.
Continental has announced plans to start production of ABS and ESC units in India in 2016. A new assembly line for ABS and ESC for passenger cars and later ABS for two-wheelers will be located in the existing Continental Automotive Brake Systems plant in Gurgaon, Haryana. Local production of the Electronic Control Unit (ECU) is planned for 2018 in Bangalore.
Indian industry association the Automotive Tyre Manufacturers’ Association (ATMA) reports that exports of tyres from India decreased in the first half of the country’s current financial year, the period between April and September 2015. Exports of passenger car tyres produced in India fell 22 per cent year-on-year to 1.08 million units, while medium and heavy commercial vehicle tyre exports declined nine per cent to 968,000 pieces.
Tyrelessly, an online tyre recycling business launched by 16 year-old Delhi resident Anubhav Wadhwa, aims to collect tyres for free and generate revenue from pyrolysis and online advertising. The company, which was founded in December 2015, launched its web platform on 8 January 2016.
Titan International has filed petitions with the US International Trade Commission and the US Department of Commerce for relief from imports of off-road tyres from China, India, and Sri Lanka. The petitions were filed jointly with the United Steelworkers union and allege that imports from China and India are being dumped in the US market in violation of international trade agreements and that imports from all three countries are benefitting from improper government subsidies.
The Ruia Group has provided further information as a follow up to our news about Dunlop India Ltd. and recent proceedings in the Calcutta High Court. The Group’s vice-president of corporate communication, Dhrubajyoti Nandi, told Tyrepress.com that the reported court session of 22 December was challenged by the company before a division bench of the Calcutta High Court that same day. The division bench, shared Nandi, “ordered status quo.”
Alliance Tire Group, or ATG, calls itself the industry’s fastest-growing manufacturer of off-highway tyres. To support this expansion the company recently opened a new factory in Dahej, India. The tyre maker says the state-of-the-art 122,000 square metre plant utilises the latest manufacturing technologies and is currently able to produce 90 tonnes per day or 33,000 tonnes of tyres per annum, with capacity expected to rise to 57,000 tonnes a year by the end of 2016.
After years of lockouts, plant shut downs and operative restructuring, the Calcutta High Court has now ordered its Official Liquidator to take possession of all assets belonging to Dunlop India Ltd and to control all further company transactions.
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