India
The third edition of Tyrexpo India got underway in Chennai yesterday. The tyre industry show officially opened with a ‘lamp lighting’ inauguration ceremony officiated by representatives from tyre makers, local industry associations and exhibition organiser SingEx-ECI. The show will run at the Chennai Trade Centre until 9 July.
Exhibitor and visitor numbers at the second Tyrexpo India, held between 9 and 11 July 2013, are said to have increased 11 per cent compared with the inaugural show in 2011; organiser ECI International reported the presence of visitors from visitors from 67 countries. In 2015, Tyrexpo India returns to the Chennai Trade Centre for a […]
Rubber Asia has announced it will honour “those who have made outstanding contributions to the rubber industry” at the Asian Latex Conference (ALC) 2015 and India Rubber Summit & Dinner (IRSD) 2015. The two events are organised on consecutive days on 10, 11 (ALC), and 12 (IRSD) September in Kochi, India.
MRF Tyres is claiming an Indian-market first with the release of its Revz motorcycle tyre. This new range marks the tyre maker’s – and the country’s – entry into the motorcycle radial segment, and MRF has embarked on an elaborate digital campaign to get the message out. In addition to commissioning an interactive section for the mrftyres.com website, the tyre maker has taken to Twitter under the #RevzolutionIsHere hashtag and is also revving up interest via other social media sources.
Taking place on 7-9 July at the Chennai Trade Centre the latest Tyrexpo India will seek to promote discussion through three major initiatives.
JK Tyre & Industries Ltd has appointed Vivek Kamra as its president – India. The news follows Arun K Bajoria’s promotion to the role of ‘director and president – international operations’. Bringing with him 20 years’ experience, Bajoria will be leading JK Tyre’s international operations including JK Tornel, Mexico and special “strategic assignments”.
Indian tyre maker TVS Srichakra Limited informed the National Stock Exchange of India on 2 June that it has entered into an agreement with wholly-owned Michelin subsidiary, Michelin India Private Limited, to produce a range of two wheeler tyres under the Michelin brand name.
While JK Tyre & Industries was unable to maintain turnover in the previous financial year, profits at India’s third-largest tyre maker rose significantly. The company reports that turnover decreased 3.6 per cent to Rs 73.3 billion (£743.9 million) during the 2014/15 financial year, which ran from 1 April 2014 to 31 March this year. Operating profit rose 11.7 per cent to Rs 7.7 billion (£78.1 million) while net profit jumped 26.7 per cent to Rs 3.2 billion (£32.5 million).
Following their release in the UK and Thailand, Apollo Tyres’ home country of India has become the third market to receive the company’s dual Apollo and Manchester United-branded tyres. The tyres are available in a 15-inch rim size from Apollo’s existing Alnac 4G range, and sold through select Apollo outlets.
A report published by The Financial Express yesterday claims Apollo Tyres will implement the previously announced production capacity expansion at its factory in Chennai over the coming year. According to Satish Sharma, president of the tyre maker’s Asia Pacific, Middle East and North Africa business, the planned boost in the plant’s truck and bus radial capacity from 6,000 to 9,000 tyres per day will cost Apollo Rs 15 billion (£155.6 million). Passenger car tyre capacity in Chennai will remain at current levels for the time being.
India’s MRF Limited reports that its year-on-year net profit almost doubled in the three months to 31 March 2015. Net profit during the period amounted to Rs 3,326 million (£34.4 million), up 94.6 per cent on the Rs 1,709 million (£17.7 million) earned in the first three months of 2014. This huge jump in profit was achieved in spite of hefty competition from imported Chinese tyres, and was facilitated by much lower natural rubber prices – Mumbai-based stock and wealth trading company Angel Broking reports that MRF’s raw material costs declined from 65.7 per cent of sales in the second quarter of calendar year 2014 to 57.4 per cent of sales in the reporting period. Net income of Rs 33,120 million (£342.7 million) for the quarter was only 0.4 per cent higher than a year ago.
Apollo Tyres inaugurated its third Apollo Retread Zone (ARZ) in Mumbai, in the western part of India. Rajesh Dahiya, Group Head, Sales-APMEA (Asia Pacific, Middle East & Africa), Apollo Tyres Ltd inaugurated the outlet in Turbhe, Navi Mumbai. With the objective of providing quality retreading service to truck-bus customers and fleet owners, these branded outlets are equipped with most advanced retreading machines, high quality tread material and trained workers. The move demonstrates Read more
The two-wheel segment is a growth area for India’s Ceat Ltd; the tyre maker reports that its share of the two-wheeler tyre market grew from eight per cent in the 2012 financial year to 14 per cent two years later. The company is now targeting the country’s scooter market with a new tyre range.
India’s MRF Ltd has informed the Bombay Stock Exchange that it will invest Rs 45 billion (£483.5 million) in its Perambalur and Arakonam plants in Tamil Nadu state over a seven year period as part of an expansion plan. The tyre maker will gain some level of support from the government of Tamil Nadu and says it will sign a Memorandum of Understanding with the government there in the near future. The government of Tamil Nadu has accorded the MRF expansion project ‘Ultra Mega Project Status’ under Tamil Nadu Industrial Policy 2014, a policy that aims to strengthen the state as a centre of manufacturing and increase exports from the region.
Yogesh Mahansaria, founder and CEO of Alliance Tire Group, received the “Ernst & Young Entrepreneur of the Year Awards 2014” in the ‘manufacturing category’ in Mumbai in February. The distinction was awarded for the 16th time in India this year. The E&Y prize is the second Yogesh Mahansaria has won in a short, following the Forbes […]
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.