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Manager for outright sale of India’s TCIL sought

India’s government is seeking proposals for divesting the Tyre Corporation of India Limited (TCIL) through an outright sale. In a document released through the Department of Disinvestment, a part of the country’s Ministry of Finance, the Indian government stated it has “decided to disinvest 100 per cent equity shareholding held by it in TCIL through outright sale” and reported that it “proposes to engage the services of an advisor to advise and manage the outright sale process successfully.” To achieve this divestment of its Rs 296.3 million (£3.3 million) equity in TCIL, the Indian government has called for tender submissions from merchant and investment bankers, consulting firms and financial institutions with experience in this type of transaction. The deadline for submissions is 12 December 2011.

21st November 2011/by Tyrepress Editors

ATMA and AIRIA call for futures speculation freeze

Leading India tyre and rubber industry associations Automotive Tyre Manufacturers Association (ATMA) and the All-India Rubber Industries Association (AIRIA) have asked for immediate suspension of futures trading in rubber following allegations of speculation in the futures market playing havoc with physical markets.

17th November 2011/by Tyrepress Editors

India tyre cartel allegation under investigation

India-based news website Livemint.com reports that antitrust regulator the Competition Commission of India (CCI) is looking into a possible cartel within India’s tyre industry. The CCI began its investigation following receiving a report from its director general earlier this year. This report concluded that the five leading Indian five makers, who together control 95 per cent of the domestic market, and the Automotive Tyre Manufacturers’ Association (ATMA) colluded to fix prices. Now the CCI is, says Livemint.com, looking into the allegation more closely with a view to holding a hearing in December.

16th November 2011/by Tyrepress Editors

Bridgestone to build 50th tyre plant

To meet growing global demand for passenger car radials, Bridgestone Corporation has decided to erect a new plant in Vietnam. The company will invest 35.5 billion yen (£286.2 million) in the project, which is expected to enter production in the first half of 2014. When production reaches full capacity in the first half of 2016, the Vietnam plant will manufacture some 27,400 tyres per day and boast a workforce of around 1,900 employees.

14th November 2011/by Tyrepress Editors

Apollo Tyres ordered to return 4.95% ‘Harshad Mehta share’

Almost 20 years ago, Harshad Mehta achieved infamy in India through an engineered rise in the Bombay Stock Exchange that became known as the ‘securities scam’. After the stock broker’s activities came to light in mid-1992, a number of Mehta’s assets were sold off as part of court proceedings. This sale included 5,488,850 shares in Apollo Tyres, equal to 15.1 per cent of the company’s equity, which were purchased by Apollo and its managing family the Kanwars in April 2003. Now the Supreme Court in New Delhi has ordered Apollo Tyres to return a portion of these acquired shares to the Mehta family custodian. A two-judge Supreme Court bench accepted in part the appeal of Ashwin Mehta, brother of Harshad Mehta (who died in 2002) challenging the Mumbai Special Court’s 2001 order that allowed the sale of bulk holding shares back to Apollo Tyres.

10th November 2011/by Tyrepress Editors

Despite positive H1 results, Apollo wary of slowing growth

Commenting on a half-year that saw the increase in Apollo Tyres’ net profit fall behind sales growth, company chairman and managing director Onkar Kanwar noted that “currency fluctuations, especially a weaker rupee, and continued cost push have impacted our bottom line.” Kanwar described the “near flat growth” in India’s commercial vehicle tyre segment during the first half of the country’s fiscal year as “worrying” and a situation that “could pose a challenge in the coming quarters.” The Apollo chairman said the company’s European business is currently registering strong growth, however his view of the region remains cautious: “We are alert to the broader economic situation there and are keeping a close watch on developments,” he stated.

9th November 2011/by Tyrepress Editors

Tyre demand to grow 12 per cent annually in Saudi Arabia

Demand for tyres and tubes is set to grow by 12 per cent annually in Saudi Arabia according to a new report published by Research and Markets called "Automotive Tire Industry in Saudi Arabia". The largest market for tyres in the Middle East, Saudi Arabia still imports most of its demand, with the annual value of tyres needed to feed the market adding up to almost US$800 million. This equates to 13 million units every year and volumes are expected to keep on rising as consumer demand increases over the next few years.

4th November 2011/by Tyrepress Editors

Conti share price sinks, net income rockets in first 9 months of 2011

Upon publishing its results for the nine months to September 30, Continental states its expectation of annual sales reaching at least 29.5 billion euros remains unchanged. The tyre maker and automotive supplier also believes it can still achieve an adjusted EBIT margin of around ten per cent for the full year, however Executive Board chairman Dr. Elmar Degenhart concedes this “must meanwhile be viewed an an ambitious target owing to the higher-than-expected burden we are experiencing from raw material costs.” Yet these costs, Degenhart adds, should be “roughly offset” by the “very good utilisation” of Continental’s capacities, with strong order books aiding the company’s fortunes.

3rd November 2011/by Tyrepress Editors

Onkar S Kanwar inducted into tyre hall of fame

Apollo Tyres Ltd chairman, Onkar S Kanwar, was inducted into the Tire Industry Association’s (TIA) Hall of Fame 2011 at a special ceremony held on 31 October in Las Vegas.

Every year the TIA honours the outstanding individuals who have created lasting value for the tyre, rubber and transportation industries. This year, along with Onkar Kanwar, three others have been honoured for their significant contribution to the American tyre industry. Kanwar, who is the only non-American to be inducted into this year’s Hall of Fame, unfortunately was not able to attend the ceremony in Las Vegas.

2nd November 2011/by Tyrepress Editors

Three-way impasse blocking Dunlop India plant re-opening

More than three weeks have passed since a lock-out began at Dunlop India’s Sahaganj factory, and the tyres appear to be spinning on negotiations for resuming production. The Press Trust of India reports that union representatives have voiced opposition to bipartite talks with Dunlop India, while the company is awaiting West Bengal state government approval of three-party talks and the government is waiting for Dunlop India to re-open the plant before attempting further negotiations.

2nd November 2011/by Tyrepress Editors

Pirelli F1 tyres show durability on Buddh circuit

Delhi’s new Buddh circuit evolved considerably during the weekend’s Formula One action, helping drivers to get progressively faster as the track cleaned and more rubber was laid down. The P Zero Yellow soft tyre and P Zero Silver hard tyre were nominated for the race, with the softer tyre proving to be around two seconds per lap faster than the harder compound. Pirelli’s motorsport director Paul Hembery commented: “Without knowing exactly how the circuit would be, we decided to bring the hard tyre to India, which was a deliberately conservative choice. This led to some very interesting strategies, with a few drivers running the hard compound at the very beginning of the race and others using it at the very end.

1st November 2011/by Tyrepress Editors

Management changes at Norbar

Norbar Torque Tools has announced that Catherine Rohll has been appointed to the company’s board as commercial director, strengthening the family management team. She will hold the position jointly with her cousin Craig Brodey until he moves to Norbar’s Australian head office in Adelaide to work with the existing operation, supporting business growth for the company in the South East Asia region. He will take up his new appointment as commercial director for Australia in January 2012.

1st November 2011/by Tyrepress Editors

Michelin reaffirms 8% 2011 sales growth

Michelin’s third quarter financial report for 2011 has shown total net sales of 5.1 billion euros and nine-month total sales of 15.2 billion euros, figures that represent positive changes of 10.6 per cent and 17.3 per cent for their respective periods. Sales volumes were up 9.3 per cent, allowing the French giant to proclaim its results “solid” and to reaffirm “that growth in sales volumes should trend towards eight per cent by year end.” The company noted the “slower momentum” of the third quarter, particularly noticeable in the passenger car and light truck tyres segment, which was up only 5.9 per cent to 2.7 billion euros in the quarter. Michelin also said its “pricing policy added 10 per cent to nine-month sales growth”, offsetting “the full-year impact of higher raw materials costs”.

31st October 2011/by Tyrepress Editors

Degenhart targeting above-average growth in India for Conti

Continental AG chief Elmar Degenhart has said the company will target above-average profitable growth in BRIC countries, especially in China and other Asian countries, Tire Review reports. In a recent visit to India, Degenhart, executive board chairman, stated that BRIC countries are at the centre of focus for the company‘s growth strategy.

28th October 2011/by Tyrepress Editors

Vettel takes on Hembery in tyre fitting challenge

Sebastian Vettel, the first winner of the Formula One Drivers’ Championship in the Pirelli era, took on Pirelli’s motorsport director Paul Hembery in a tyre fitting challenge at the Buddh International Circuit in India yesterday afternoon. The German driver had never fitted a tyre before, though that did not prevent him from beating Hembery’s time by 31 seconds. Despite help from the Pirelli crew, both men took more than twice as long as the experts in assembling the wheel from scratch. The event, filmed by television crews around the world, is another example of Pirelli’s ongoing mission to put tyres in the limelight during its period as F1’s supplier.

28th October 2011/by Tyrepress Editors