Apollo Tyres Chairman Mr Onkar S. Kanwar said that despite the tough economic play in India and the challenging environment in the Indian and European automobile segment as a result of the COVID-19 pandemic, “we continued to work to achieve our vision of being ‘a premier tyre company with a diversified and multinational presence”.
Speaking at the Annual General Meeting of the company on August 20, Mr Kanwar said 2020 it was heartening to note that the globally respected investment firm Warburg Pincus made an investment of $150 million and will be joining the Apollo Tyres’ Board. “This is indeed a vote of confidence in our business, management team and growth prospects and I am confident that it will further strengthen our board and governance”, he said.
The year gone by, he said, saw Apollo Tyres continuing its journey with a sharp focus on three paths – consolidating its market position in the existing markets and seeking new markets/segments; continuing investment in both brands – Apollo and Vredestein; and capacity expansion via greenfield facilities and to seek other growth opportunities.
In Europe, said Mr Kanwar, the company launched a new brand identity of its over 110 years old brand – Vredestein. “This will allow us to position Vredestein as an even more premium brand and take our marketing activities to the next level”, he said. Further, he said, the company’s European operations continued to add more original equipment manufacturers and now it supplies tyres to auto majors like Volkswagen and Ford.
Apollo Tyres, he said, continued to find opportunities in a sea of COVID-19 challenges. It inaugurated its seventh plant in Andhra Pradesh and also a new motorcycle radial facility in Gujarat. Alongside, he said it supported its communities and stakeholders across multiple states during the disruption caused by the pandemic.