'Tyre Industry to grow by 8-10% in 5 years'
The tyre industry is expected to grow by 8-10 per cent in the next five years, Apollo Tyres' Chairman Onkar S Kanwar said on Friday.
By PTI |
KOCHI: The tyre industry is expected to grow by 8-10 per cent in the next five years, Apollo Tyres' Chairman Onkar S Kanwar said on Friday.
Rising prices of natural rubber was a cause of concern to the industry, as it would eat way about 3-5 per cent of the margin, he said.
"We are trying very hard to be above water and are trying to cut every corner to bring down production cost," Kanwar added.
On the traders' plea for a ban on futures trading in rubber, Onkar said rubber futures was a "good step in the right direction."
"We have been using futures platform and we are happy", he said.
The company, uses 15 per cent of the natural rubber produced in the country. It has an annual requirement of 15,000 tons.
Apollo's total turnover was expected to touch 2 billion dollars in the next three years from the present one billion dollars, he said.
"We are looking at inorganic growth and have acquired a facility in South Africa and are also in the process of starting a facility in Europe, Onkar said.
The exports have been 20 per cent of production, he added.
Rising prices of natural rubber was a cause of concern to the industry, as it would eat way about 3-5 per cent of the margin, he said.
"We are trying very hard to be above water and are trying to cut every corner to bring down production cost," Kanwar added.
On the traders' plea for a ban on futures trading in rubber, Onkar said rubber futures was a "good step in the right direction."
"We have been using futures platform and we are happy", he said.
The company, uses 15 per cent of the natural rubber produced in the country. It has an annual requirement of 15,000 tons.
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Apollo's total turnover was expected to touch 2 billion dollars in the next three years from the present one billion dollars, he said.
"We are looking at inorganic growth and have acquired a facility in South Africa and are also in the process of starting a facility in Europe, Onkar said.
The exports have been 20 per cent of production, he added.
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