Tyres
Global tyre makers accelerate make-in-India plans, buoyed by govt's PLI scheme
Global tyre giants Michelin, Bridgestone, and Goodyear, along with potential investors Yokohama and Birla Tyre, are set to invest around Rs 3,000 crore in India's manufacturing sector under a government scheme linking imports to local investment. This initiative, aimed at boosting domestic production, follows the Centre’s import restrictions.
Tyre exports from India recorded at Rs 23,073 cr in FY24
India's tyre exports reached Rs 23,073 crore during 2023-24, a year up from the previous year, according to the Automotive Tyre Manufacturers' Association (ATMA). The industry's resilience and quality are attributed to the industry's high export to turnover ratio. With a turnover of around Rs 90,000 crore and exports of over Rs 23,000 crore, the Indian tyre industry is one of the few with a high export to turnover ratio.
Our tyres are now all over the world: Neeraj Kanwar
Apollo Tyres' global success with Indian-manufactured tyres highlighted by MD Neeraj Kanwar. Tyres under Apollo and Vredestein brands accepted worldwide, including in Germany and the US.
India has sufficient domestic tyre capacity; imports must not be liberalised through free trade pacts: ATMA
ATMA in India opposes FTAs liberalizing tyre imports, with adequate manufacturing capacity. Calls to safeguard domestic industry from duty concessions. Rs 2,000 crore worth of tyres imported in FY24 despite domestic industry's capacity. Leading manufacturers invest Rs 35,000 crore in capacity expansion, technology upgrades, and R&D. Domestic tyre industry employs over 5 lakh people and supports 10 lakh rubber growers.
Domestic tyre sale volumes expected to see moderate growth of 4-6 pc in FY25: Icra
Domestic tyre sale volumes are expected to see a moderate growth of 4-6 per cent this fiscal after witnessing an estimated pace of 6-8 per cent in the previous financial year, ratings agency Icra said on Thursday. This growth in the last fiscal was driven by factors such as elevated base and subdued growth in the commercial vehicle (CV) segment, it said.
LANXESS India completes expansion of Rhenodiv plant at Jhagadia, Gujarat
The company said that the increased capacity of Rhein Chemie business unit will meet the demand of the Indian Sub-continent and the Asian tire and rubber goods markets.
IPL Sponsors: Ceat retains IPL 'strategic timeout' partnership for Rs 240 crore
IPL sponsorship: Ceat will sponsorcertain segments of IPL matches, investing about Rs 240 crore over five years. The Board of Control for Cricket in India selected Ceat as an official partner. My11Circle, RuPay, and Angel One acquired IPL sponsorship slots. Ceat specialises in selling tyres for vehicles.
Growth momentum to continue amid positive economic scenario: JK Tyre
JK Tyre expects demand momentum to continue for the tyre industry in the medium to long term, with the automobile industry set to grow amid a positive economic environment, according to a top company official. In an interaction with PTI, JK Tyre & Industries MD Anshuman Singhania expressed hope that the tyre maker would also continue to witness momentum in its top line and profitability.
Mandatory quality control norms for 70 sizes, types of tyres from next year
From March next year, about 70 types and sizes of tyres produced by multiple companies will be subjected to mandatory quality control norms. The Department for Promotion of Industry and Internal Trade (DPIIT) will update the list of tyres to include a total of 960 sizes and types, modifying the previous list of 600.
Govt to exclude 70 sizes, types of tyres from exemption list of mandatory quality control norms
The review of the list of tyres is a regular exercise to be carried out by IMC (inter-ministerial committee) for making suitable recommendations with regard to the exclusion/inclusion of the pneumatic tyres' sizes from the list of tyres not manufactured domestically. The DPIIT (Department for Promotion of Industry and Internal Trade) is in the process of notifying an updated list of 960 tyres' sizes/types by making necessary modifications to the previous list of 600 tyres.
JK Tyre & Industries looking to invest Rs 1400 crore in next two years
Anshuman Singhania, Managing Director at JK Tyre & Industries told ET, the company is utilising 85% of available capacity and will be investing fresh capital to meet demand for its products going ahead. “We are investing Rs 800 crore to enhance capacity at our facilities. This investment cycle is on the verge of completion. Separately, we are looking at investing Rs 1400 crore to increase production and maintain our leadership in radials over the next two years”, he informed.
CEAT looks to grab opportunity in replacement tyre market growth fuelled by PV sales
Tyre maker CEAT Ltd aims to capitalize on the growth in passenger vehicle sales in India, expecting a boost in demand for replacement tyres. The company is preparing to enter the US passenger vehicles and truck and bus radial tyre market in the first quarter of the next fiscal year to fuel international growth.
CEAT forays into steel radial tyres for two-wheelers
Tyre maker CEAT Ltd is entering the steel radial tyres for two-wheelers market to enhance its leadership position and premiumise the brand. The company launched a new premium range of two-wheeler steel radial tyres, targeting both aftermarket and OEM segments. CEAT's CEO Arnab Banerjee highlighted the emerging trend of solo and group biking, off-roading, and adventure biking. The steel radial tyres segment currently accounts for 3% of the overall two-wheeler market but is expected to gain saliency. CEAT aims to have a pole position in the segment and grow with the industry.
NCLAT dismisses Kesoram's appeal in Birla Tyres insolvency case
Kesoram Industries' appeal against the National Company Law Appellate Tribunal's Kolkata ruling rejected its claim of being a financial creditor of Birla Tyres Ltd. The tribunal ruled that Kesoram failed to prove the transaction was a deposit or loan, and therefore, the adjudicating authority did not commit any error in rejecting the appellant's application.
CEAT gets GST demand, penalties of over Rs 19 cr
Currently, the company said it is actively analysing both the matters and taking appropriate steps against the orders. As the matters are being pursued against the orders, CEAT said the final impact on its financial, operation or other activities may not be ascertainable as of now.
Construction, PV segments to boost tyre industry: JK Tyre CMD Raghupati Singhania
To ride on the momentum, the market leader in truck and bus radial tires is embarking on an expansion. It has planned a capital expenditure of Rs 1,100 crore towards capacity expansion as well as maintenance of the existing infrastructure over the next two years.
