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Apollo Tyres targets top 10 by 2016
SME News, Monday, Dec 03, 2012 16:12:24 PM IST
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NEW DELHI: Apollo Tyres has set sights on ranking among the top 10 tyre manufacturers in the world by 2016. The company intends to bag the rank by registering sales of almost 6 billion USD. The corporation plans to venture 1 billion USD over the course of the following 5 years to increase the worldwide footprint, is even transferring its development and research centre for tyres of passenger cars from India to Holland.
The move is being carried out simultaneously alongside establishment of a new UK marketing office as part of the company strategy.
Neeraj Kanwar, the managing director and vice chairman of Apollo Tyres, stated that the company has a vision of clocking combined revenue amounting to 6 billion USD by 2016, which shall enable them to nab a spot in the list of top ten tyre manufacturers globally.
The company is confident of fulfilling its target through its current strategy of expansion of capacity, increasing marketing and R&D.
