Apollo Tyres
{{short description|Indian tyre manufacturing company}}
{{Use dmy dates|date=October 2018}}
{{Use Indian English|date=July 2016}}
{{Infobox company
| name = Apollo Tyres Limited
| logo = Apollo Tyres Ltd & A Lock up stacked Black RGB L.png
| logo_size = 250px
| logo_alt =
| type = Public
| traded_as = {{ubl|{{NSE|APOLLOTYRE}}|{{BSE|500877}}}}
| ISIN = {{ISIN|sl=n|pl=y|INE438A01022}}
| industry = Tyres
| foundation = {{Start date and age|1972||}}{{cite web|url=http://www.apollotyres.com/downloads/atl-corporate-presentation.pdf |title=Archived copy |access-date=17 December 2010 |url-status=dead |archive-url=https://web.archive.org/web/20101119193726/http://apollotyres.com/downloads/atl-corporate-presentation.pdf |archive-date=19 November 2010 }}
| location = {{Unbulleted_list|Gurugram, Haryana, India (Corporate)|Kochi, Kerala, India (Registered) {{cite web|url=http://business.in.com/article/boardroom/apollos-play-in-europe/21562/1|archive-url=https://web.archive.org/web/20110122213618/http://business.in.com/article/boardroom/apollos-play-in-europe/21562/1|url-status=dead|archive-date=2011-01-22|title=Forbes India Magazine - Apollo's Play in Europe}}}}
| key_people = {{Unbulleted_list|Onkar Kanwar
{{small|(Chairman)}}|Neeraj Kanwar
{{small|(Vice Chairman & MD)}}}}
| revenue = {{Increase}} {{INRConvert|25531|c}} {{Cite web|title=Apollo Tyres Consolidated Profit & Loss account, Apollo Tyres Financial Statement & Accounts|url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/e605f591-b03b-4bef-ad41-a77f241c4a2f.pdf|access-date=2024-05-14|website=www.bseindia.com|language=en}}
| revenue_year = 2024
| operating_income = {{up}} {{INRConvert|2617|c}}
| income_year = 2024
| net_income = {{Increase}} {{INRConvert|1721|c}}
| net_income_year = 2024
| assets = {{Decrease}} {{INRConvert|26957|c}} {{Cite web|title=Apollo Tyres Consolidated Balance Sheet, Apollo Tyres Financial Statement & Accounts|url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/e605f591-b03b-4bef-ad41-a77f241c4a2f.pdf|access-date=2024-05-14|website=www.bseindia.com|language=en}}
| assets_year = 2024
| equity = {{Increase}} {{INRConvert|13902|c}}
| equity_year = 2024
| num_employees = 17,985 (2024)
| homepage = {{URL|https://apollotyres.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{{cite web |url=http://www.thehindubusinessline.com/2010/06/01/stories/2010060151830500.htm |title=Apollo tyres roll into Europe today |publisher=The Hindu Business Line |date=1 June 2010 |access-date=17 September 2014}} and one in Hungary.{{Cite news|url=http://www.autocarpro.in/news-national/apollo-tyres-expands-global-footprint-inaugurates-hungarian-plant-24279|title=Apollo Tyres expands global footprint, inaugurates Hungarian plant|work=www.autocarpro.in|access-date=8 May 2017}} The company generates 69% of its revenues from India, 26% from Europe and 5% from other countries.{{cite web|url=http://www.apollotyres.com/uploads/annual-report-for-the-financial-year-2015-16/index.html|title=Annual Report for the Financial Year 2015-2016|publisher=Apollo Tyres|url-status=dead|archive-url=https://web.archive.org/web/20160927032835/http://www.apollotyres.com/uploads/annual-report-for-the-financial-year-2015-16/index.html|archive-date=27 September 2016}} Apollo announced its entry into the three-wheeler tyre segment with contract manufacturing in March 2018.{{Cite web|url=http://epaperbeta.timesofindia.com/index.aspx?EID=31818&dt=20160604|title=Widgets Magazine|website=epaperbeta.timesofindia.com|access-date=10 June 2016|archive-url=https://web.archive.org/web/20160605082210/http://epaperbeta.timesofindia.com/index.aspx?eid=31818&dt=20160604|archive-date=5 June 2016|url-status=dead}}
History
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.{{Cite news|url=https://www.business-standard.com/company/apollo-tyres-23/information/company-history|title=Apollo Tyres Ltd.|work=Business Standard India|access-date=2020-02-25}} 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.{{Cite web|url=https://economictimes.indiatimes.com/apollo-tyres-ltd/infocompanyhistory/companyid-63.cms|title=Apollo Tyres History {{!}} Apollo Tyres Information - The Economic Times|website=economictimes.indiatimes.com|access-date=2020-02-25}} In 1975, the company made its Initial public offer{{Cite web |title=Apollo Tyres History {{!}} Apollo Tyres Information |url=https://economictimes.indiatimes.com/apollo-tyres-ltd/infocompanyhistory/companyid-63.cms |access-date=2024-02-09 |website=The Economic Times |language=en}} of equity shares and its first manufacturing facility was commissioned in Perambra Plant, Thrissur, Kerala, India in 1977, followed by its 2nd plant at Limda, Gujarat, India in 1991. The company acquired Premier Tyres Limited in 1995, which became its 3rd plant at Kochi, Kerala, India.{{cite web|url=http://economictimes.indiatimes.com/apollo-tyres-ltd/infocompanyhistory/companyid-63.cms|title=The Economic Times}} In 2008, it started a new plant at Chennai, Tamil Nadu, India. A year later in 2009, the company acquired the Netherlands-based tyre maker Vredestein Banden B.V. (VBBV) for an undisclosed sum[https://www.topnews.in/dutch-tyre-company-vredestein-banden-bv-acquired-apollo-tyres-2168276 Apollo Tyres Acquires Vredestein Banden BV]
The company focused on the production of truck tyres in India and introduced its first truck tyre, Rajdhani in India.{{Cite web|url=https://tyre-asia.com/2017/02/22/ambition-drive-based-values/|title=Ambition, drive based on values|date=2017-02-22|website=Tyre Asia|language=en-US|access-date=2020-02-25}} The company expanded its operation across India and in 1996, expanded operations outside India by acquiring Dunlop's Africa operations.{{cite web|url=http://business.in.com/article/boardroom/apollos-play-in-europe/21562/0|archive-url=https://web.archive.org/web/20110129160108/http://business.in.com/article/boardroom/apollos-play-in-europe/21562/0|url-status=dead|archive-date=2011-01-29|title=Forbes India Magazine - Apollo's Play in Europe}} 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.{{cite web|url=http://www.tirereview.com/Article/114083/sumitomo_acquires_assets_of_apollo_tyres_south_africa.aspx|title=Sumitomo Acquires Assets of Apollo Tyres South Africa|author=Tire Review Staff|work=Tire Review Magazine}} The very same year, it started its Global R&D Centre, in Enschede, the Netherlands.{{Cite news|url=http://www.thehindubusinessline.com/companies/apollo-tyres-opens-rd-centre-in-netherlands/article4307572.ece|title=Apollo Tyres opens R&D centre in Netherlands|date=14 January 2013|work=The Hindu Business Line|access-date=17 August 2017|language=en}}
In 2015, Apollo Tyres bought Germany's Reifencom tyre distributor for €45.6 million.{{Cite web|title = Apollo Tyres may miss 2020 revenue target| work=mint | date=16 November 2015 |url = http://www.livemint.com/Companies/fy2mtFKrVPdJ1i7lcpqQwO/Apollo-Tyres-acquires-Germanys-Reifencom-for-456-million.html|access-date = 14 December 2015 | last1=Mohile | first1=Shally Seth }} It shifted its corporate office for Europe region to Amsterdam from Enschede, the Netherlands{{Cite news|url=http://www.tyrepress.com/2016/05/apollo-vredestein-management-now-based-in-amsterdam/|title=Apollo Vredestein management now based in Amsterdam|date=20 May 2016|work=Tyrepress|access-date=17 August 2017|language=en-US}} and opened a Global R&D Centre, Asia in Chennai, India a few months later.{{Cite web|url=http://auto.economictimes.indiatimes.com/news/tyres/apollo-tyres-opens-its-global-rd-centre-asia-in-chennai/55337917|title=Apollo Tyres opens its Global R&D Centre, Asia in Chennai - ET Auto|last=www.ETAuto.com|website=ETAuto.com|language=en|access-date=17 August 2017}}
In 2016, the company signed an MoU with the Government of Andhra Pradesh to set up a new factory in the state.{{Cite news|url=http://www.thehindubusinessline.com/companies/apollo-tyres-plans-500cr-factory-in-andhra-pradesh/article9325043.ece|title=Apollo Tyres plans ₹500-cr factory in Andhra Pradesh|date=9 November 2016|work=The Hindu Business Line|access-date=17 August 2017|language=en}} 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.{{Cite news|last=Mukherjee|first=Sharmistha|url=https://economictimes.indiatimes.com/industry/auto/tyres/apollo-tyres-to-invest-rs-1800-crore-in-first-phase-in-andhra-pradesh/articleshow/62429224.cms|title=Apollo Tyres to invest Rs 1800 crore in first phase in Andhra Pradesh|date=2018-01-09|work=The Economic Times|access-date=2020-02-25}}{{Cite web|url=https://www.thehindubusinessline.com/news/national/apollo-tyres-to-invest-1800-cr-in-andhra-pradesh-factory/article10022453.ece|title=Apollo Tyres to invest ₹1,800 cr in Andhra Pradesh factory|last=Balachandar|first=G.|website=@businessline|date=9 January 2018 |language=en|access-date=2020-02-25}}
The company's second plant in Europe, was inaugurated by the Hungarian Prime Minister, Viktor Orban, in April 2017.{{Cite news|url=http://www.financialexpress.com/industry/hungary-prime-minister-viktor-orban-opens-apollo-tyres-plant-near-budapest/620126/|title=Hungary Prime Minister Viktor Orban opens Apollo Tyres plant near Budapest|date=8 April 2017|work=The Financial Express|access-date=12 June 2017|language=en-US}}{{Cite news|url=http://www.indianembassy.hu/?p=138983|title=H.E. PM Viktor Orbán inaugurates the Apollo Tyres plant in Gyöngyöshalász|date=7 April 2017|work=Indian Embassy Hungary|access-date=12 June 2017|language=en-US|archive-url=https://web.archive.org/web/20170408030600/http://www.indianembassy.hu/?p=138983|archive-date=8 April 2017|url-status=dead}}{{Cite news|url=http://www.business-standard.com/content/b2b-plastics-polymers/apollo-tyres-starts-production-from-hungarian-plant-117041000510_1.html|title=Apollo Tyres starts production from Hungarian plant|last=Bureau|first=BS B2B|date=10 April 2017|work=Business Standard India|access-date=12 June 2017}}{{cite web| url=https://www.moneycontrol.com/news/business/stocks/apollo-tyres-stock-hits-52-week-high-after-2-fold-rise-in-q3-profit-to-rs-444-crore-6446121.html| title=Apollo Tyres stock hits 52-week high after 2-fold rise in Q3 profit to Rs 444 crore| date=4 February 2021}}
European operations
Apollo Tyres currently sells Apollo and Vredestein (or Maloya) branded tyres in Europe. The company currently operates two tyre factories in Europe; in the Netherlands and in Hungary.{{Cite news |last= |first= |date=10 April 2017 |title=Apollo Tyres starts production from Hungarian plant |url=http://www.business-standard.com/content/b2b-plastics-polymers/apollo-tyres-starts-production-from-hungarian-plant-117041000510_1.html |access-date=8 May 2017 |work=Business Standard India}} The Enschede plant was acquired from Vredestein, the newly built facility southeasterly from Gyöngyöshalász was inaugurated for production on 7 April 2017.
Anti competition practices
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 {{INR}}1,788 crores (of which Apollo Tyres fined {{INR}}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.{{Cite web |date=2022-04-03 |title=CCI Conducts Raids On Tyre Companies |url=https://www.cartoq.com/cci-conducts-raids-on-tyre-companies/ |access-date=2022-04-04 |language=en-US}}
References
{{Reflist}}
External links
- {{official website|http://www.apollotyres.com }}
- [http://www.dunloptyres.co.za Dunlop Tyres South Africa website]
- [http://www.vredestein.com/ Apollo Tyres Acquires Vredestein Banden BV]
{{Nifty 200 companies}}
Category:Manufacturing companies based in Gurgaon
Category:Manufacturing companies established in 1972
Category:Tyre manufacturers of India
Category:Automotive companies of India
Category:Indian companies established in 1972
Category:Companies listed on the National Stock Exchange of India