Apollo Tyres

Apollo Tyres Limited is an Indian tyre manufacturing company headquartered in Gurugram, Haryana. It was incorporated in 1972, and its first plant was commissioned in Perambra, Thrissur, Kerala, India. The company now has four manufacturing units in India, one in Netherlands[5] and one in Hungary.[6] It has a network of nearly 5,000 dealerships in India, of which over 2,500 are exclusive outlets.

Apollo Tyres Limited
TypePublic
ISININE438A01022
IndustryTyres
Founded1972[1]
HeadquartersGurugram, Haryana, India[2]
Key people
Onkar Singh Kanwar (Chairman and MD)
Neeraj Kanwar (Vice Chairman & MD)
Revenue ₹16,373.87 crore (US$2.3 billion) [3] (2020)
₹543.44 crore (US$76 million) [3] (2020)
₹476.40 crore (US$67 million) [3] (2020)
Total assets ₹23,249.99 crore (US$3.3 billion) [4] (2020)
Total equity ₹9,930.01 crore (US$1.4 billion) [4] (2020)
Number of employees
16,000
Websiteapollotyres.com

The company generates 69% of its revenues from India, 26% from Europe and 5% from other countries.[7]

Apollo announced its entry into the two-wheeler tyre segment with contract manufacturing in March 2016.[8] In November 2016, the company signed a Memorandum of understanding with the Government of Andhra Pradesh to set up a new factory in Andhra Pradesh to manufacture tyres for two-wheelers and pick-up trucks.[9]

The company's second plant in Europe, was inaugurated by the Hungarian Prime Minister, Viktor Orban, in April 2017.[10][11][12]

In May 2019, Apollo Tyres opened its first Apollo Truck Tyre Zone in Malaysia.[13]

History

Apollo Tyres Ltd. was incorporated on 28 September 1972 as a Public Limited Company and obtained certificate of Commencement of Business on 24 October 1972.[14] The company was promoted by Bharat Steel Tubes, Ltd., Raunaq International Pvt. Ltd., Raunaq & Co. Pvt. Ltd., Raunaq Singh, Mathew T. Marattukalam and Jacob Thomas.[15] In 1975, the company made its Initial public offer of equity shares and its first manufacturing facility was commissioned in Perambra Plant, Thrissur, Kerala, India in 1977,[1] followed by its 2nd plant at Limda, Gujarat, India[1] in 1991. The company acquired Premier Tyres Limited- PTL in 1995, which became its 3rd plant at Kalamassery, Kerala, India.[16] In 2008, it started a new plant at Chennai, Tamil Nadu, India.[1] A year later in 2009, the company acquired the Netherlands-based tyre maker Vredestein Banden B.V. (VBBV) for an undisclosed sum[17]

The company focused on the production of truck tyres in India and introduced its first truck tyre, Rajdhani in India.[18][2] The company expanded its operation across India and in 1996, it expanded operations outside India by acquiring Dunlop's Africa operations.[19] In 2013, it disposed of the Dunlop brand in Africa along with most of the South African operation in a sale to Sumitomo Rubber Industries of Japan.[20] The very same year, it started its Global R&D Centre, Europe in Enschede, the Netharlands.[21]

In 2015, Apollo Tyres bought Germany's Reifencom for €45.6 million.[22] It shifted its corporate office for Europe region to Amsterdam from Enschede, the Netherlands[23] and opened a Global R&D Centre, Asia in Chennai, India a few months later.[24]

In 2016, the company signed an MoU with the Government of Andhra Pradesh to set up a new factory in the state.[25] In 2017, it inaugurated its plant in Hungary.[6] On 9 January 2018, the Chief Minister of Andhra Pradesh, N Chandrababu Naidu laid the foundation stone for Apollo Tyres' ₹1,800-crore tyre factory in Andhra Pradesh. The plant will come up over a 200-acre site in Chinnapanduru village near Sri City in Chittoor district and produce passenger car radial (PCR) tyres with an initial capacity of 55 lakh (5.5 million) tyres per year and will serve both domestic and export markets.[26][27]

Corporate Structure and Leadership

Apollo Tyres is structured in the following units:

  • Asia Pacific, Middle East and Africa (APMEA)
  • Europe

Board of Directors

European Operations

Apollo Tyres currently sells Apollo and Vredestein branded tyres in Europe.[19] The company currently operates two tyre factories in Europe; in the Netherlands and in Hungary.[32] This second production facility in Europe was inaugurated[33] for production on 7 April 2017.[34]

References
  1. "Archived copy" (PDF). Archived from the original (PDF) on 19 November 2010. Retrieved 17 December 2010.CS1 maint: archived copy as title (link)
  2. "Forbes India Magazine - Apollo's Play in Europe".
  3. "Apollo Tyres Consolidated Profit & Loss account, Apollo Tyres Financial Statement & Accounts". www.moneycontrol.com. Retrieved 29 August 2020.
  4. "Apollo Tyres Consolidated Balance Sheet, Apollo Tyres Financial Statement & Accounts". www.moneycontrol.com. Retrieved 29 August 2020.
  5. "Apollo tyres roll into Europe today". The Hindu Business Line. 1 June 2010. Retrieved 17 September 2014.
  6. "Apollo Tyres expands global footprint, inaugurates Hungarian plant". www.autocarpro.in. Retrieved 8 May 2017.
  7. "Annual Report for the Financial Year 2015-2016". Apollo Tyres. Archived from the original on 27 September 2016.
  8. "Widgets Magazine". epaperbeta.timesofindia.com. Archived from the original on 5 June 2016. Retrieved 10 June 2016.
  9. Bureau, Our (9 November 2016). "Apollo Tyres plans ₹500-cr factory in Andhra Pradesh". The Hindu Business Line. Retrieved 8 June 2017.
  10. "Hungary Prime Minister Viktor Orban opens Apollo Tyres plant near Budapest". The Financial Express. 8 April 2017. Retrieved 12 June 2017.
  11. "H.E. PM Viktor Orbán inaugurates the Apollo Tyres plant in Gyöngyöshalász". Indian Embassy Hungary. 7 April 2017. Archived from the original on 8 April 2017. Retrieved 12 June 2017.
  12. Bureau, BS B2B (10 April 2017). "Apollo Tyres starts production from Hungarian plant". Business Standard India. Retrieved 12 June 2017.
  13. "Apollo Tyres opens its first service centre in Malaysia". Autocar Professional. Archived from the original on 14 May 2019.
  14. "Apollo Tyres Ltd". Business Standard India. Retrieved 25 February 2020.
  15. "Apollo Tyres History | Apollo Tyres Information - The Economic Times". economictimes.indiatimes.com. Retrieved 25 February 2020.
  16. "The Economic Times".
  17. Apollo Tyres Acquires Vredestein Banden BV
  18. "Ambition, drive based on values". Tyre Asia. 22 February 2017. Retrieved 25 February 2020.
  19. "Forbes India Magazine - Apollo's Play in Europe".
  20. Tire Review Staff. "Sumitomo Acquires Assets of Apollo Tyres South Africa". Tire Review Magazine.
  21. Bureau, Our (14 January 2013). "Apollo Tyres opens R&D centre in Netherlands". The Hindu Business Line. Retrieved 17 August 2017.
  22. "Apollo Tyres may miss 2020 revenue target". Retrieved 14 December 2015.
  23. "Apollo Vredestein management now based in Amsterdam". Tyrepress. 20 May 2016. Retrieved 17 August 2017.
  24. www.ETAuto.com. "Apollo Tyres opens its Global R&D Centre, Asia in Chennai - ET Auto". ETAuto.com. Retrieved 17 August 2017.
  25. Bureau, Our (9 November 2016). "Apollo Tyres plans ₹500-cr factory in Andhra Pradesh". The Hindu Business Line. Retrieved 17 August 2017.
  26. Mukherjee, Sharmistha (9 January 2018). "Apollo Tyres to invest Rs 1800 crore in first phase in Andhra Pradesh". The Economic Times. Retrieved 25 February 2020.
  27. Balachandar, G. "Apollo Tyres to invest ₹1,800 cr in Andhra Pradesh factory". @businessline. Retrieved 25 February 2020.
  28. Mukherjee, Sharmistha (16 March 2017). "Apollo Tyres' Satish Sharma elected ATMA Chairman". The Economic Times. Retrieved 21 August 2017.
  29. "Apollo Tyres Management Team". corporate.apollotyres.com. Retrieved 21 August 2017.
  30. "Apollo Tyres elevates Benoit Rivallant to head its European Operations". Apollo tyres. 16 October 2018. Retrieved 26 October 2018.
  31. "Francesco Gori: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 21 August 2017.
  32. Bureau, BS B2B (10 April 2017). "Apollo Tyres starts production from Hungarian plant". Business Standard India. Retrieved 8 May 2017.
  33. Bureau, BS B2B (10 April 2017). "Apollo Tyres starts production from Hungarian plant". Business Standard India. Retrieved 17 April 2017.
  34. "Hungary plant to start rolling out products by 2017.A new plant is considered to be launched in north India: Apollo Tyres". The Economic Times. 17 September 2014. Retrieved 17 September 2014.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.