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Friday, 12 August 2011

Apollo Tyres to lease land abroad to grow rubber

KOCHI: Faced with a shortage of natural rubber and high prices in the domestic market, Apollo Tyres is acquiring land abroad to grow rubber.

 The company has acquired 10,000 hectare on lease in Laos for planting rubber. It will take about seven years to get yield from rubber trees. "The idea is to secure 20% to 25% of our raw material requirement," said Onkar S Kanwar, chairman and managing director, adding that the company expects to become one of the ten largest global companies in the next five years. Vcommindia News

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