Apollo Tyres eying 5 per cent share of Thai market
Apollo Tyres is keen to make inroads in to Thailand market and aims to corner 5 per cent share in the next two-three years.
Apollo is confident of achieving top-10 position within short period of time. The India-Thailand Free Trade Agreement has brought import duties down to 6 per cent for tyre imports from India for trucks, buses and passenger vehicles, and 3 per cent for farm tyres. That has helped the company make its tyres affordable.
Apollo Tyres sales in Thailand grew by 300 per cent last year, though from a small base, had an ambition to have a manufacturing facility in Asean eventually, but its current focus would be on its newly acquired facility in Hungary.
With sales of US$2.2 billion (Bt72 billion) in its 2014 fiscal year, Apollo Tyres is one of the first Indian tyre manufacturers to expand and make acquisitions internationally.
Article Source: http://www.satreads.com/