The company has identified a new manufacturing plant in South-east Asia and hopes its international business will contribute over 60% of total turnover in the next five years. CNBC-TV's Ronojoy Banerjee spoke to Neeraj Kanwar, managing director and vice chairman of the company to understand the change in strategy.
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As part of this new strategy. the company will reduce India's share to its total turnover by nearly half in five years. Kanwar says, "India's share of turnover through exports has been around 65%.We are now working towards increasing the focus of overseas markets such that the total share will go up to 60%."
To increase focus on new emerging markets of Asean and Latin America, Apollo will invest around USD 500 million in a new manufacturing plant in Thailand. Kanwar says, "We have identified Thailand for a new project. The plant will be modelled like our Chennai plant. In the first phase we will make bus and passenger vehicle tyres."
Apollo Tyres has also decided to put its QIP plans on hold for the time being. Kanwar says, " We have put QIP on hold. We have a one-year window and we will take a call on it later." With heavy investments lined up in the pipeline over the next five years, Kanwar will face the challenge of lowering the company's debt, which currently stands at around Rs 2200 crore for its India operations. But for now the management is not particularly perturbed.
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