New Delhi: Apollo Tyres today said it will increase production capacity in the country by over 50% as it looks to enter the top-10 global tyre makers’ club in the next five years.
In line with its plans, the company is also looking to almost double its exports in the next fiscal.
“Our aim over next five years is to reach among the top 10 tyre companies in the world... Our production capacity will go up by over 50 per cent to around 1,600 tonne a day after the Chennai plant reaches terminal capacity by first quarter of next fiscal,” Apollo Tyres managing director Neeraj R S Kanwar told reporters here.
The company, which has a total production capacity of about 950-1,000 tonnes a day in its three plants in Gujarat and Kerala and is also undertaking minor expansion at other plants in the country, he added.
Kanwar said the Rs2,000 crore Chennai plant will go on stream from the beginning of next month. It will have an installed capacity of 400 tonne a day, which will translate into 14,000 units of radial tyres, including 8,000 units of passenger car and 6,000 units of truck and bus radials.
Apollo Tyres is also looking at increasing its supply of car radials to original equipment manufacturers (OEMs). It plans to supply 50% of the upcoming Chennai plant’s output to OEMs and the rest in the after-market, he said.