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Business News » Companies News

Apollo Tyres to buy 40% stake in KTT

KTT, incorporated in 2016,  is engaged in the business of fleet management solutions, providing telematic analytics for truck and bus

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 Apollo Tyres to buy 40% stake in KTT
ATL is a dominant player in CV tyres in India, deriving 41% revenues from truck tyres. Image source: Reuters
Written By: ZeeBiz WebTeam
Updated: Wed, Feb 14, 2018
01:22 pm
ZeeBiz WebDesk

Apollo Tyres (ATL) will acquire a 40% stake in KT Telematics Solutions Private Limited (KTT) for Rs 9 crore, according to disclosure made to the stock exchanges.
 
ATL will buy up to 40% stake in KTT over the next one year in one or more tranches.
 
KTT, incorporated in 2016,  is engaged in the business of fleet management solutions, providing telematic analytics for truck and bus. 
 
ATL is a dominant player in CV tyres in India, deriving 41% revenues from truck tyres (FY17) and commands 25% market share in this segment in India. The acquisition of a fleet management solutions company complements its tyre portfolio very well.
 
ATL has 18% market share in the passenger car radial (PCR) segment and 25% market share in the truck and bus radial (TBR) segments, according to India Infoline. 
 
Its revenue mix was replacement 70%, OEM 28.8% and exports 5.8% as of FY17. It derives 66% revenue from India and 24% from Europe as of FY17. 
 
The anti-dumping duties levied on Chinese tyres in India has helped the company to gain market share in TBR segment, the report said. 
 
The production capacity of Chennai plant will be increased to 12,000 tyres/day from 9,000 tyres/day and that of the Hungarian plant will be increased to 16,000 tyres/day from 3,000-4,000 tyres/day by mid FY19.
 
Shares of Apollo Tyres is currently trading slightly up from its previous closing of Rs 274.95 on the BSE.
 

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TAGS:
Apollo Tyres (ATL)KT Telematics Solutionstelematic analyticsCV tyres
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