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Indian Apollo Tyres likely to supply rubbers to Volkswagen Cars in Europe
Apollo Tyres have bought the Vredestein, a Dutch firm for Euro 36 million last year. This firm was supplying tyres to Volkswagen Europe.
Now, both Apollo Tyres and Vredestein are likely to supply tyres to VW cars.
In order to expand its footprint in foreign soils, Apollo Tyres is keen on expanding its business in Europe.
Along with European entry, Apollo Tyres have plans to enter the Latin America and South Africa as it eyes on making a turnover of billion per annum in the next 5 years.
The company is targetting on 3.5 lakhs tyres sales in Europe, most of them would be manufactured in the Baroda plant, while some of the tyres for the domestic market will be produced in Vredestein factory in Dutch.
According to Apollo Tyres Chairman Onkar S Kanwar, the company has been selling tyres to all the top auto makers in India for the past 5 years and they are in replacement oriented company business across various zones.
During 2005, Apollo tyres started supplying tyres to OEM. Apollo tyres main business is in the replacement tyre segment which constitutes 80% of its total business.
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