APOLLO TYRES continues to see opportunities amidst COVID-19 challenges

Speech delivered by Onkar S Kanwar, Chairman, Apollo Tyres at the company’s 47th Annual General Meeting

The COVID-19 pandemic continues to impact all of us. Cases continue to rise around the world. We don’t know how long the uncertainties around this pandemic will continue and therefore being safe is the need of the hour. I hope that each one of you and your family members are safe and continue to adhere to the respective government’s guidelines and taking all necessary precautions. This is the only way we can beat the coronavirus. So, stay safe, stay secure!

The Indian economy has obviously been deeply impacted. Specifically, the performance of the Indian automobile industry is of concern as it has contracted by around 14%. Despite the tough economic play in India, and the challenging environment in the Indian and European automobile segment, we continued to work to achieve our Vision of being ‘a premier tyre company with a diversified and multinational presence’.

To achieve the vision, we believe that one of the aspects is to make our company a leader in corporate governance. It is heartening to note that the globally respected investment firm Warburg Pincus made an investment of $150 million and will be joining the Apollo Tyres’ Board. This is indeed a vote of confidence in our business, management team and growth prospects and I am confident that it will further strengthen our board and governance.

The year gone by saw your Company continue its journey with a laser sharp focus on three paths – consolidate our market position in the existing markets and seek new markets/ segments; continue investment in both brands – Apollo and Vredestein; capacity expansion via Greenfield facilities and to seek other growth opportunities.