Shares in Apollo Tyres opened up more than 3 per cent on Tuesday at Rs76.90, adding to a gain of 4 per cent on Monday.
The stock is enjoying a nice run this week, having lost some 15 per cent since June 12, when the Indian group announced plans to acquire Cooper Tire and Rubber in a $2.5bn deal set to be the largest takeover of a US group for India. Read more
Apollo Tyres, the Indian tyre manufacturer which currently produces out of India, the Netherlands and South Africa, is now looking east.
Early next month, the company will open an office in Bangkok after which it plans to roll out production facilities in the country. Read more
It’s not only the biggest companies in China, India, Brazil and other emerging markets that are turning themselves into multinationals. So are smaller operators.
With annual revenues of around $2.5bn, Apollo Tyres, is only the world’s sixteenth largest tyremaker by sales, but it’s still going global. The group is currently investing $1bn on worldwide expansion over the next five years, aiming to be one of the world’s top ten tyre companies by 2017. Read more