Business Daily from THE HINDU group of publications
Monday, Nov 09, 2009
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Business Daily from THE HINDU group of publications Monday, Nov 09, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Outlook Apollo Tyres’ exports to Europe next year Our Bureau New Delhi, Nov. 8 Apollo Tyres said on Sunday that it expects to attain a peak daily capacity of 14,000 tyres at its new Chennai plant by the middle of next year. The plant, in which the company has invested around Rs 2,000 crore, is expected to be operational from December 1. The new factory will have a product mix of 8,000 car radial tyres and 6,000 truck and bus radial tyres. Speaking at the sidelines of the World Economic Forum’s India Economic Summit, Mr Neeraj Kanwar, Vice- Chairman and Managing Director, Apollo Tyres, said the company would start exporting Apollo branded tyres to Europe from India by early next year. It will launch its brand of tyres through its recently acquired Dutch unit Vredestein Banden B.V. He added that the company would soon hike prices due to increasing raw material prices. Rubber pricesRubber prices have gone beyond Rs 120 a kg, which is unreasonable, he said. Mr Kanwar also said that he expects overall sales to grow in double-digits in the fiscal year, as there has been robust demand in the first two quarters. Apollo Tyres plans to hike prices Apollo Tyres aims to keep growth rolling in Q2 More Stories on : Outlook | Tyres | Exports & Imports
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