Oct 16, Colombo: India's Apollo Tyres has opened its first branded outlet in Sri Lanka as the company's exports to Sri Lanka are increasing steadily.
According to an official company statement Sri Lanka has become one of the fast growing export markets for the Gurgaon-based Indian company with sales increasing by more than 50 percent year-on-year. The company introduced its products in Sri Lanka in June 2011.
Apollo Zone, the outlet opened in Colombo in partnership with Sri Lanka's Ideal Wheels & Tyres (Pvt) Ltd. offers both passenger and commercial vehicle tyres.
Satish Sharma, chief of India operations of Apollo Tyres Ltd. said that increased development in Sri Lanka, especially in infrastructure has led to an increased demand for tyres.
"Sri Lanka is at the cusp of growth, especially the regions which were most affected by war. Also, there is enough movement of commercial vehicles due to the rapid infrastructure development across the country; this in turn leads to increased demand for tyres," he said.
He expected the branded retail outlet opened in Colombo to result in a higher visibility for the Apollo brand.
Nalin Welgama, the chairman of Apollo Tyre's partner Ideal Wheels & Tyres said the company has been able to capture a lion's share of the truck-bus tyre market in Sri Lanka within a short span of time.
"With the opening of the ultramodern Apollo Zone and island wide distributor network, we will consolidate our market share further," Welgama said.