Europe key to Apollo's growth, says chairman
Apollo Tyres Ltd. Chairman Onkar Kanwar says the Indian tire manufacturer aims to "maintain a healthy top and bottom line by concentrating on profitable growth."
Kanwar addressed a number of issues in a recent letter to Apollo stockholders, including the company's intention to "nurture" its main markets, including its native India, and now Europe.
"Three years back, we added South Africa and the African continent as our second domestic market. This year, we have added Europe through our acquisition of Vredestein Banden," a move he called "one of the biggest challenges (we have) taken on."
Kanwar also updated shareholders on the development of various products. Apollo's OTR tire plant in Gujarat, India, "went onstream in March and is currently producing specialty OTR tires for mining and construction needs." In addition, Apollo is boosting capacity at other plants in India, as well as South Africa and the Netherlands.