Apollo Tyres wants to go long distance in Europe and North America
Indian tyre maker Apollo Tyres wants to expand its footprint in Europe and North America. As of now, the company gets 60% of its revenue from the Indian market. Apollo vice-chairman Neeraj Kanwar told media persons that the company wants to expand operations in India and Europe through organic route.
Apollo Tyres would invest Rs 5250 million in a greenfield facility in Andhra Pradesh, India. The building work is expected to begin in January 2018. The facility will roll out 5.5 million passenger car tyres, initially. In the future, the Andhra unit will go on to manufacture truck and off-highway tyres. It also aims to double capacity at its facility in Chennai.
Recently, the tyre-maker had raised Rs 15 billion from Qualified Institutional Placement.
The shares of Apollo Tyres are traded at Rs 264.30 apiece on NSE on December 27, 2017. The stock price has touched a one-year high value of Rs 288.45 on August 7, 2017.