Indian automotive promoters re-locating out of country.
Promoters of Indian automotive companies are relocating out of the country and increasingly spending time in overseas bases, especially Europe, to grow their brands on the global stage.
Eicher Motors Chief Executive Siddharth Lal is the latest among second-generation business leaders who have shifted abroad. He is seeking to broaden the market for Royal Enfield motorcycles. From London, he hopes to focus on its R&D work and maintain close contact with advanced markets where Lal feels it is crucial for the mid-size bike maker to build a strong brand presence.
“Our philosophy is that we would rather be No. 1 for a few people than No. 2 for lot of people. We want to create a brand slowly over time in other markets in the world,” he had said in an interview to ET. “The first half of my career — from 2000 to 2015 — was spent building a brand in India. So the next half of my career, maybe for the next 15 years, should be spent building a global brand,” he had said.
At Apollo Tyres, while Chairman Onkar Kanwar fine-tunes strategies sitting at the Gurgaon headquarters, Vice-Chairman Neeraj Kanwar oversees operations out of the tyre maker’s global marketing office in London.
“Indian promoters are moving out of the country today to set up sales and marketing functions, make the organization and the brand global. Europe is a preferred choice as it is a large automotive market and access to the EU opens up 28 countries at once,” said Rajeev Singh, head of automotive practice at KPMG.