Apollo Tyres Chairman Onkar S Kanwar has said that the strategy of replicating the company’s success in Europe with OEMs in India will go hand in hand with increasing market share in the replacement markets. Apollo has a market share of 30 percent in the OE segment in India for small and midsized cars and the company’s tyres OE fitted in eight of the top 10 cars being sold in India. He was speaking at the 46th Annual General Meeting of Apollo Tyres on July 31, 2019, in Kochi, Kerala, India. Apollo is the only Indian company which supplies to various OEMs in Europe like Volkswagen, Ford and Audi.
“Apollo Tyres has invested close to Rs 4,000 crore in a new Greenfield facility in Hungary and has also earmarked Rs 3,800 crore for a greenfield project in Andhra Pradesh. We also committed to upgrading our existing manufacturing plant in Chennai, expanding truck tyre radial production to 12,000 units a day from earlier 6,000 units. While in India, we are achieving a leadership position in multiple segments, we are confident of gaining traction in Europe in the coming years as we start catering to the original equipment manufacturers (OEMs) from the Hungary plant,” he pointed out.
Onkar said that Apollo has been working with a single-minded focus to realise its Vision 2020 of becoming ‘a Premier tyre company with a diversified and multinational presence’. “To achieve our vision, we continued to focus on our key objectives of ‘building leadership in India’, ‘premiumisation in Europe’, and ‘exploring strategically attractive markets where we are currently not represented’ during the year,” he said.
“We have undertaken multiple initiatives over the past few years to create a strong, powerful Apollo brand in India and setting the foundations of strong ‘Vredestein’ and ‘Apollo’ brands in Europe. We have associated the Apollo brand with football and have strong associations with leading teams in India and with global powerhouse Manchester United as its official tyre partner. The year saw a beginning of a new relationship as we welcomed Sachin Tendulkar, an icon in the Indian and global cricketing world, to the Apollo family. The financial year was important for us as we achieved a key milestone as JD Power, the gold standard in customer satisfaction survey for tyre companies, ranked Apollo the highest in the most key segment in India. This was a solid reaffirmation from our customers across the country about the best in class and technologically advanced products offered by your Company,” the Chairman said.