Tyre major Apollo Tyres is targetting higher revenue from overseas operations in the next five years and will pump in another Rs 3,000 crore in three years.
"Currently, our overseas operations generate around 40 per cent of the total group revenue and the rest comes from the domestic market. We hope to generate 60 per cent of the overseas revenue for the group, keeping growth in all the markets," company's Chairman Onkar S Kanwar said on the sidelines of largest Apollo zone here today.
He also said the company would invest Rs 3,000 crore to push the growth it was aiming at.
"We are investing in capacity in South Africa, Europe and India," Kanwar said.
Besides, the company has invested Rs 2,500 crore in a greenfield plant at Chennai to ramp up car and commercial vehicles radial tyre capacity.
It has combined tyre processing capacity of 1,450 tonnes per day, which will be increased to 1,600 tonnes per day by the end of the current fiscal.
The company is open to acquisitions and greenfield manufacturing facilities in East Europe and Asia to meet the growing demand, he said, adding Apollo Tyres was also scouting for opportunities in rubber plantations in South Asian countries for raw material security.
Kanwar said Apollo on consolidated basis was aiming at a $2 billion turnover in FY11, as compared to $1.7 billon revenue in the previous fiscal.
