By Denna Bowman
Ambitious Apollo Tyres is aiming to propel itself into the top 10 tyre manufacturers in the world within the next five years.
The Indian tyres manufacturer, which increased its turnover by more than 100 per cent last year with the acquisition of Dutch tyre company Vredestein BV, is already ranked 15th in the world.
Now Neeraj Kanwar, managing director of Apollo, has revealed that it is working on a blueprint to help it expand its global sales.
Kanwar said: “We now have four brands with us — Apollo, Dunlop, Vredestein and Regal — and our intention is that every segment will have a brand catering to it across the world.
“We will need to grow both organically (expanding capacities) as well as inorganically (through acquisitions).
“We are preparing a blueprint that will look into how we can introduce the Apollo brand in Europe and Vredestein into India. By the end of 2010-11, we should have our strategy in place.”
Apollo now has a presence in all major markets but it said emerging countries, especially the BRIC nations, will be the growth drivers.
Kanwar added: “The US is a big market but it is not our focus region. The domestic market will continue to be our mainstay.”