In its bid to emerge as a leading Indian global tyre brand, Apollo Tyres has set out a visionary plan to collect more than half of the company’s revenues from its international markets. It is looking to increase the share of its international revenues to 60 per cent from what is said to be 45 per cent at present.
The Apollo Chairman and Managing Director, Mr. Onkar S. Kanwar, pointed to the same in the company’s recent annual report. He said: “Thanks to the past business decisions, Apollo Tyres has become a multi-cultural company now. It has a clear vision that 60 per cent of its business should be international while the remaining 40 per cent Indian.”
Apollo has been attempting to boost its share in Europe, the most demanding tyre market in the world. But capacity constraint was an issue. Hence its decision to set up a greenfield unit in Hungary at a cost of 500 million euros over the next four years was expected to strengthen its base in Europe.
The Rs. 12,726-crore company also plans to sharpen focus on new markets in South America, the Middle East and South-East Asia for future growth.