New Delhi: Apollo Tyres Ltd opened its first global research and development centre outside India in the Netherlands, the tyre maker said in a statement on Monday.
The move comes after the firm restructured its R&D team in November. Built with an investment of Rs25 crore, the centre in the Netherlands will be the company’s second after the one in Chennai.
“The new structure connects the entire organization via two major R&D centres—for commercial purposes and car tyres. In line with this strategy, the company is bringing together its R&D resources comprising almost 250 people in Africa, Europe and India to create two global R&D hubs—Enschede, the Netherlands, for car and van tyres and Chennai, India, for commercial vehicle tyres,” the firm said in the statement.
The two locations were identified on the basis of firm’s existing as well as future markets. The Middle East and Asia form nearly 59% of the global market for commercial vehicle tyres, while Europe and North America represent 51% of the car tyre market, it said.
Onkar S. Kanwar, chairman of Apollo Tyres Ltd, said the move was part of its plan to become a $6 billion company by 2016.