Apollo Tyres to raise USD 150 mn via QIP: MD

As part of its strategy to rejig its global ops the country’s largest tyre maker Apollo Tyres said today that it would be setting up a new marketing office in London. The proposed office will be the coordinating arm of its international business that spans across 50 countries today. The company also said that it would be raising USD 150 million through a QIP for which the company has got a one-year window.

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Neeraj Kanwar, Vice Chairman and MD, Apollo Tyres said, "London is an office where we are looking at overall global businesses. We are still at the planning stage. I can’t say today that there will be some executives moving to London, but we will be hiring locally."
"There will be people moving from Netherlands and from India. We are making our overall plans. So I would like to say that once we are ready with those plans.
We have got permission on the qualified institutional placement (QIP) for a year from the board and right now the markets are very volatile and therefore we have held back. So we have yet to decide when we will come back to the market," he adds.