WEF 2024: Apollo Tyres eyes India's emerging export hub, plans expansion
Looking ahead, Apollo Tyres plans to invest heavily in digitalisation over the next two years. The company aims to increase productivity through artificial intelligence and machine learning, with two technical innovation hubs already operational in Hyderabad and London.
Homegrown tyre manufacturer Apollo Tyres is making strides in India's emerging export hub. Neeraj Kanwar, Vice Chairman and Managing Director, in an interview with CNBC-TV18, shared the company's expansion plans and growth trajectory.
Kanwar reported positive growth in both the Indian and European markets, with a 5.4% increase in Q3 revenue. He anticipates further growth in Q4, signalling a robust outlook for the company.
Apollo Tyres is also focusing on the production of tyres for electric vehicles (EVs), a rapidly growing sector. The company has already started launching EV tyres in India, following Europe's lead in this area. The company has five manufacturing units in India, one in the Netherlands and one in Hungary.
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Looking ahead, Apollo Tyres plans to invest heavily in digitisation over the next two years. The company aims to increase productivity through artificial intelligence and machine learning, with two technical innovation hubs already operational in Hyderabad and London.
These hubs have enabled a 10-12% increase in productivity at Apollo's Hungarian plant, without any capital expenditure. This strategy aligns with Kanwar's plan to maintain capital expenditure, invest more in digitalisation and sustainability, and increase production from existing facilities.
Currently, Apollo's plants are running at 75-80% utilisation, indicating room for increased capacity to meet growing demand. This positions Apollo Tyres well for capitalising on India's emerging status as a global export hub.
(Edited by : Vijay Anand)
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