According to local media reports, Apollo Tire , the largest tyre manufacturer in India, announced that it has officially entered the Sri Lankan market and is scheduled to achieve a sales target of Rs 12 billion (approximately US$ 108 million) in the Sri Lankan market in the next fiscal year.
Apollo Tire is the 17th largest tire manufacturer in the world with a production value of 2 billion U.S. dollars. The tire market in Sri Lanka needs about 1.3 million tires each year, mainly imported. The local tire manufacturing company has an annual output of 450,000 tires, which can meet the market demand of 30%.
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