Leading tyre-maker Apollo Tyres plans to raise ₹1,500 crore to support growth plans and for the launch of a new range of two-wheeler tyres during this fiscal.

The board approved a proposal to issue NCDs not exceeding ₹1,500 crore. The company will be seeking shareholders’ approval at the upcoming annual general meeting to be held on August 1, according to the company’s AGM notice.

The Gurugram-headquartered Apollo Tyres plans to grow its share in the two-wheeler tyre segment, which it entered into two years ago.

It plans to introduce steel radial tyres through a pilot plant capacity. Through continued development activities, the company has pioneered the zero degree steel belted radial motorcycle tyre technology in India. This technology is equivalent to the latest available globally, it said.

The company’s R & D team has also successfully completed a novel project — puncture-free two-wheeler tyres using sealant technology, providing added safety to the riders.

Apollo Tyres has also launched two-wheeler tyres in Bangladesh and Sri Lanka.

Neeraj Kanwar, Vice-Chairman & Managing Director, Apollo Tyres, said the company would continue to pursue a three-pronged strategy to realise its Vision 2020. It will focus on building leadership in India, achieving premiumisation in Europe, and entering strategically attractive markets where the company is currently not represented.

He also said, in the report, that FY2018 was a year of big achievements for the company as APMEA (Asia Pacific, Middle East and Africa) business achieved a significant financial milestone of ₹10,000 crore and Europe achieved its own record growth target.

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