NBC Moneycontrol.com reported that Apollo Tyres has settled in Thailand as the location for its planned entre into tire production in Southeast Asia.
Neeraj Kanwar, managing director and vice chairman of the company, was quoted as saying, “We have identified Thailand for a new project. The plant will be modeled like our Chennai (India) plant. In the first phase we will make bus and passenger vehicle tires."
Kanwar said the plant investment will be around $500 million.
Kanwar also said that Apollo wants “international business” to contribute 60% of the company’s revenue within the next five years. “India’s share of turnover through exports has been around 65%. We are now working towards increasing the focus of overseas markets such that the total share will go up to 60%.”