Apollo Tires optimistic about India, ready to expand in America, West Asia
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Budapest: Apollo Tires is optimistic about the Indian market performing better than the rest of the world. Apollo Tires Vice Chairman and Managing Director Neeraj Kanwar has said that the company wants to expand in the US and West Asia market, so it is looking at India as an export hub. India’s tire major forays into mobility services business with the launch of its new venture ‘Evolve’ offering digital tire management services for commercial vehicles. The company aims to increase the share of exports in its global revenue to 45 per cent by 2025-26.
Kanwar told PTI-language, “I am optimistic about India. India is one of those global economies, whose condition is better than the rest of the world. The commercial vehicle sector has improved due to government spending on infrastructure. The growth of this sector has turned positive. The condition of the passenger vehicle sector has also improved. He said that the first six months of the financial year in Europe will be difficult and challenging. Talking about the future of Apollo Tyres, he said that India is becoming an export hub for the company.
The company has plans to expand to the Americas and Middle East, among other international markets. Kanwar said, “India is becoming an export hub for us. We are doing a lot in India. Around 1.5 million passenger car tires are coming to Europe from India which will continue to grow. We have set up a new factory in Andhra Pradesh.” He said that at present the company is mainly exporting from its Chennai factory. The company sells its products in 170 countries across the world including India and Europe.
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