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Apollo Tyres

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Apollo Tyres Limited
Company typePublic
ISININE438A01022
IndustryTyres
Founded1972; 52 years ago (1972)[1]
Headquarters
Key people
RevenueIncrease ₹25,531.28 crore (US$3.0 billion) [3] (2024)
Increase ₹2,617.50 crore (US$310 million) [3] (2024)
Increase ₹1,721.86 crore (US$200 million) [3] (2024)
Total assetsDecrease ₹26,957.34 crore (US$3.2 billion) [4] (2024)
Total equityIncrease ₹13,902.18 crore (US$1.6 billion) [4] (2024)
Number of employees
17,985 (2024)
Websiteapollotyres.com

Apollo Tyres Limited is an Indian multinational tyre manufacturing company headquartered in Gurugram, Haryana. It was incorporated in 1972, and its first plant was commissioned in Perambra in Thrissur, Kerala. The company now has five manufacturing units in India, one in the Netherlands[5] and one in Hungary.[6] The company generates 69% of its revenues from India, 26% from Europe and 5% from other countries.[7] Apollo announced its entry into the three-wheeler tyre segment with contract manufacturing in March 2018.[8]

History

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Apollo Tyres Ltd. was incorporated on 28 September 1972 in India as a public limited company and obtained certificate of Commencement of Business on 24 October 1972.[9] The company was promoted by Bharat Steel Tubes, Ltd., Raunaq International Pvt. Ltd., Raunaq & Co. Pvt. Ltd., Raunaq Singh, Mathew T. Marattukalam and Jacob Thomas.[10] In 1975, the company made its Initial public offer[11] of equity shares and its first manufacturing facility was commissioned in Perambra Plant, Thrissur, Kerala, India in 1977,[1] followed by its 2nd plant at Limda, Gujarat, India[1] in 1991. The company acquired Premier Tyres Limited in 1995, which became its 3rd plant at Kochi, Kerala, India.[12] In 2008, it started a new plant at Chennai, Tamil Nadu, India.[1] A year later in 2009, the company acquired the Netherlands-based tyre maker Vredestein Banden B.V. (VBBV) for an undisclosed sum[13]

The company focused on the production of truck tyres in India and introduced its first truck tyre, Rajdhani in India.[14][2] The company expanded its operation across India and in 1996, expanded operations outside India by acquiring Dunlop's Africa operations.[15] In 2013, it disposed of the Dunlop brand in Africa along with most of the South African operation in a sale to Sumitomo Rubber Industries of Japan.[16] The very same year, it started its Global R&D Centre, in Enschede, the Netherlands.[17]

In 2015, Apollo Tyres bought Germany's Reifencom tyre distributor for €45.6 million.[18] It shifted its corporate office for Europe region to Amsterdam from Enschede, the Netherlands[19] and opened a Global R&D Centre, Asia in Chennai, India a few months later.[20]

In 2016, the company signed an MoU with the Government of Andhra Pradesh to set up a new factory in the state.[21] On 9 January 2018, the Chief Minister of Andhra Pradesh, N Chandrababu Naidu laid the foundation stone for Apollo Tyres' ₹1,800-crore tyre factory in Andhra Pradesh. The plant will come up over a 200-acre site in Chinnapanduru village near Sri City in Tirupati district and produce passenger car radial (PCR) tyres with an initial capacity of 55 lakh (5.5 million) tyres per year and also truck bus radial (TBR) tyres and will serve both domestic and export markets.[22][23]

The company's second plant in Europe, was inaugurated by the Hungarian Prime Minister, Viktor Orban, in April 2017.[24][25][26][27]

European operations

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Apollo Tyres currently sells Apollo and Vredestein (or Maloya) branded tyres in Europe.[15] The company currently operates two tyre factories in Europe; in the Netherlands and in Hungary.[28] The Enschede plant was acquired from Vredestein, the newly built facility southeasterly from Gyöngyöshalász was inaugurated[29] for production on 7 April 2017.[30]

Anti competition practices

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In April 2022, the Competition Commission of India raided the headquarters of Apollo Tyres along with other tyre companies like CEAT, MRF (Madras Rubber Factory) and Continental Tyre at multiple locations. Earlier in February the anti trust watch dog had released a statement about fining these tyre companies a total of ₹1,788 crores (of which Apollo Tyres fined ₹425.53 cr.) for sharing price sensitive information among themselves to manage their cartelization of tyre prices for supplies to the public transport corporation of Haryana state. Earlier the All India Tyre Dealers Federation had complained to the Ministry of Corporate Affairs about this cartelization of these companies to increase the tyre prices. The ministry had then referred the case to the CCI.[31]

References

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  1. ^ a b c d "Archived copy" (PDF). Archived from the original (PDF) on 19 November 2010. Retrieved 17 December 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ^ a b "Forbes India Magazine - Apollo's Play in Europe". Archived from the original on 22 January 2011.
  3. ^ a b c "Apollo Tyres Consolidated Profit & Loss account, Apollo Tyres Financial Statement & Accounts" (PDF). www.bseindia.com. Retrieved 14 May 2024.
  4. ^ a b "Apollo Tyres Consolidated Balance Sheet, Apollo Tyres Financial Statement & Accounts" (PDF). www.bseindia.com. Retrieved 14 May 2024.
  5. ^ "Apollo tyres roll into Europe today". The Hindu Business Line. 1 June 2010. Retrieved 17 September 2014.
  6. ^ "Apollo Tyres expands global footprint, inaugurates Hungarian plant". www.autocarpro.in. Retrieved 8 May 2017.
  7. ^ "Annual Report for the Financial Year 2015-2016". Apollo Tyres. Archived from the original on 27 September 2016.
  8. ^ "Widgets Magazine". epaperbeta.timesofindia.com. Archived from the original on 5 June 2016. Retrieved 10 June 2016.
  9. ^ "Apollo Tyres Ltd". Business Standard India. Retrieved 25 February 2020.
  10. ^ "Apollo Tyres History | Apollo Tyres Information - The Economic Times". economictimes.indiatimes.com. Retrieved 25 February 2020.
  11. ^ "Apollo Tyres History | Apollo Tyres Information". The Economic Times. Retrieved 9 February 2024.
  12. ^ "The Economic Times".
  13. ^ Apollo Tyres Acquires Vredestein Banden BV
  14. ^ "Ambition, drive based on values". Tyre Asia. 22 February 2017. Retrieved 25 February 2020.
  15. ^ a b "Forbes India Magazine - Apollo's Play in Europe". Archived from the original on 29 January 2011.
  16. ^ Tire Review Staff. "Sumitomo Acquires Assets of Apollo Tyres South Africa". Tire Review Magazine.
  17. ^ "Apollo Tyres opens R&D centre in Netherlands". The Hindu Business Line. 14 January 2013. Retrieved 17 August 2017.
  18. ^ "Apollo Tyres may miss 2020 revenue target". 16 November 2015. Retrieved 14 December 2015.
  19. ^ "Apollo Vredestein management now based in Amsterdam". Tyrepress. 20 May 2016. Retrieved 17 August 2017.
  20. ^ www.ETAuto.com. "Apollo Tyres opens its Global R&D Centre, Asia in Chennai - ET Auto". ETAuto.com. Retrieved 17 August 2017.
  21. ^ "Apollo Tyres plans ₹500-cr factory in Andhra Pradesh". The Hindu Business Line. 9 November 2016. Retrieved 17 August 2017.
  22. ^ Mukherjee, Sharmistha (9 January 2018). "Apollo Tyres to invest Rs 1800 crore in first phase in Andhra Pradesh". The Economic Times. Retrieved 25 February 2020.
  23. ^ Balachandar, G. (9 January 2018). "Apollo Tyres to invest ₹1,800 cr in Andhra Pradesh factory". @businessline. Retrieved 25 February 2020.
  24. ^ "Hungary Prime Minister Viktor Orban opens Apollo Tyres plant near Budapest". The Financial Express. 8 April 2017. Retrieved 12 June 2017.
  25. ^ "H.E. PM Viktor Orbán inaugurates the Apollo Tyres plant in Gyöngyöshalász". Indian Embassy Hungary. 7 April 2017. Archived from the original on 8 April 2017. Retrieved 12 June 2017.
  26. ^ Bureau, BS B2B (10 April 2017). "Apollo Tyres starts production from Hungarian plant". Business Standard India. Retrieved 12 June 2017. {{cite news}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  27. ^ "Apollo Tyres stock hits 52-week high after 2-fold rise in Q3 profit to Rs 444 crore". 4 February 2021.
  28. ^ Bureau, BS B2B (10 April 2017). "Apollo Tyres starts production from Hungarian plant". Business Standard India. Retrieved 8 May 2017. {{cite news}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  29. ^ Bureau, BS B2B (10 April 2017). "Apollo Tyres starts production from Hungarian plant". Business Standard India. Retrieved 17 April 2017. {{cite news}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  30. ^ "Hungary plant to start rolling out products by 2017.A new plant is considered to be launched in north India: Apollo Tyres". The Economic Times. 17 September 2014. Retrieved 17 September 2014.
  31. ^ "CCI Conducts Raids On Tyre Companies". 3 April 2022. Retrieved 4 April 2022.
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