The corporation is in conversations and negotiations with labor union officials in order to resolve their concerns and reach an equitable arrangement for the renewal of a long-term settlement agreement. – Apollo Tyres
Apollo Tyres Limited shares fell more than 2% to Rs 369 in early trade on September 21 after the firm announced a temporary halt in bias off-the-road (OTR) tyre production at its Limda, Gujarat, manufacturing facility. The pause comes amid staff concerns about the renewal of a long-term settlement deal.
As of September 20, Apollo Tyres stated in a stock exchange statement that it was in talks and negotiations with labor union representatives to address their concerns and reach a mutually agreeable solution. Although the issue is being actively monitored by the corporation, procedures are in place to minimize any supply interruptions.
Apollo further stated that this circumstance won’t significantly affect the business’s operations.
Apollo Tyres, a significant player in the tyre market, sells its goods in 170 nations throughout the world, with India and Europe serving as its two principal markets. The company recorded consolidated operating revenue of Rs 24,568 crore in 2022–23 as opposed to Rs 20,948 crore in 2021–22.
With many layers of rubber-coated fabric plies set at different angles to one another and to the centerline of the tyres, bias ply tires have a sidewall that runs diagonally from one bead to the next.
Radial tires, on the other hand, have a sidewall that runs vertically, giving them a straight up-and-down orientation. They are made of a single layer of steel cord plies that are 90 degrees from the tyre centerline.
