Apollo responds to BSE question over Malaysian plan

Mumbai, India – Apollo Tyres has replied to a request from the Mumbai-based BSE stock exchange seeking more information about the scale of its ambitions in Malaysia.

In a statement on 18 May, BSE said that it was still awaiting a reply by Apollo regarding reports that it planned to set up a Malaysian subsidiary. The reports suggested that this was part of Apollo’s plans to achieve 15 percent of its total revenues from exports.

In a response issued 19 May, Apollo said that the company was currently studying the market potential in Malaysia “to set up a Sales Unit, as part of its normal course of business”.

“As the company continues to manage the sales in Malaysia through its Thailand-based step subsidiary, a decision on the establishment of the ‘sales unit', if at all, would be taken post the study is completed,” added the company response.

A 17 May report from Press Trust of India (PTI) reported Satish Sharma, Apollo Tyres president for Asia Pacific, Middle East & Africa as saying that the company was studying the potential of the tire market in Malaysia with a view to establishing a legal entity there within the next two years.

There are some taxation related changes expected in Malaysia which could help this particular market to behave like Thailand for the company, he added.