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Apollo Tires Md says we are the company’s next growth market

Apollo Tires is looking to innovate, this time in the United States. The tire maker has decided to focus on the United States as its next growth market, said Neeraj Kanwar, vice president and general manager of Apollo Tires.

Speaking to CNBC-TV18’s Shereen Bhan on the sidelines of the annual World Economic Forum summit in Davos, Kanwar said, “The United States is a new market for us. This is our next growth market.

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He said the company has already launched Fred Stein passenger car tires and more recently Apollo truck tires in the United States. “We are getting a very good response from the market, the demand is there,” he added.

Kanwar said supply chain issues are the biggest problem facing businesses around the world. So, if you need it for Europe, try to unclog the Hungarian and Dutch factories; try to do as much local production as possible rather than moving everything from India,” Kanwar said.

He added that the electricity crisis in India had hit them hard. “We have already invested in a solar business in Chennai. So all of our factories in India are now turning to other energy sources. So there will be investments involved, but small amounts. We can become more solar powered rather than dependent on coal. That’s what we envision. Overall, I think it’s done by 5-10% in India, but I think we can sort it out in the next few weeks,” he said.

Complications in Andhra Pradesh have also hurt the business. “The Andhra plant is brand new, and due to coal shortages, the state government has ordered us to cut production by 50%. So we are using Chennai to mix our rubber and move it to Andhra but we are down and it is hurting us,” he added.

To learn more, watch the attached video

First post: STI

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