Apollo Tyres, one of the top tire manufacturers in the world, is also a leader in social responsibility. An on-going partnership with IFC is helping the company expand to meet growing demand for its products. The partnership is also enabling the company to broaden the reach of its innovative HIV/AIDS program, which targets vulnerable long-distance truck drivers who often spread the deadly disease. Apollo’s strong commitment to social responsibility parallels its strong corporate growth, and demonstrates the business case for sustainability. Revenues have doubled since 2002, and the company is expanding on a global scale, completing a major acquisition in South Africa and preparing to export high-quality car tires to Europe.
IFC role and development impact:
- IFC financing totaling $35 million, including a B loan, has helped Apollo increase
s revenue from approximately $300 million to $600 million, supporting expanded manufacturing capacity and modernization of existing plants—including a greater emphasis on fuel-efficient radial tires, with environmental benefits
- Guidance on improved corporate governance and transparency
- Support from the IFC Against AIDS team has helped Apollo expand its HIV/AIDS programs for truck drivers, sex workers and employees since 2005
- Financing growth in India’s tire industry and creating jobs
- Reducing high rate of infection from sexually transmitted diseases among long distance truckers: approximately 500,000 truck drivers live with HIV/AIDS in India today
- Helping Apollo set an environmental example to other local manufacturers by implementing strict pollution control measures
- Upgrading village transportation infrastructure near factories
- Sponsoring adult literacy programs for village women
- Offering career opportunities for disabled war veterans
