Apollo Tyres Chairman Onkar Kanwar, took a look back on a successful financial year and the tiremaker’s Vision 2020 status during at its 44th Annual General Meeting hosted in Kochi, India.
This goal includes building leadership in India, “premiumization” in Europe, and exploring “strategically attractive markets” where the company is currently not represented.
As part of “premiumization” in Europe, Apollo opened its first Greenfield plant in Hungary in April 2017.
“Together with a highly visible premium brand like Vredestein and the Apollo brand positioned to cater to the mass market, a larger product portfolio from the Hungary plant, I believe [Apollo] is ready to accelerate its growth in the European market,” said Kanwar during his speech.
Kanwar also said Apollo remains determined to strengthen the company’s home base in India and continue to invest in its various plants to expand capacity and upgrade technology. This year, the company completed phase one of the TBR expansion in the Chennai plant. The tiremaker also has plans to set up our fifth Indian manufacturing plant in state of Andhra Pradesh this year.