Team Blitz India
BUDAPEST: Apollo Tyres is bullish on India, which is performing better than the rest of the world, and the company is making the country its export hub as it looks to expand further in the US and the Middle East, it’s vice chairman and managing director Neeraj Kanwar has said.
The Indian tyre major, which has entered into mobility services business with the launch of its new venture ‘AVOLVE’ offering digitised tyre management services for commercial vehicles, sees contribution from exports and international business to increase to 45 per cent of its global revenue by 2025-26 by when it expects to clock USD 5 billion.
“I’m bullish on India. India is one of the world economies which is relatively better than the rest of the world…given the government spend on infrastructure the CV (commercial vehicles) cycle is back. It is on a positive growth. Even the passenger vehicles are back…,” media reports quoting Kanwar said on May 11.
On the road ahead for Apollo Tyres, he said India is becoming an export hub for the company as it plans to further expand in the US and the Middle East besides other international markets.
The company sells its products in 170 countries across the globe with India and Europe being the two major markets.
In 2022-23, Apollo Tyres clocked consolidated revenue from operations of Rs 24,568 crore as against Rs 20,948 in 2021-22.
