Moving further west, Apollo Tyres to invest €500 million in Eastern Europe to set up a greenfield facility
In a bid to set up its first greenfield facility, one of the leading tyre manufacturers in India, Apollo Tyres is to invest €500 million in Eastern Europe.
To be commissioned in 2017-18, the proposed facility will be a first-of-its-kind overseas set up for the company, according to Neeraj Kanwar, Vice Chairman and Managing Director, Apollo Tyres. The location of the plant is yet to be decided, ensuing negotiations with various countries in Eastern Europe.
The new facility is slated to have a manufacturing capacity of 5.5 million units passenger car tyres and 675, 000 units heavy commercial vehicle tyres.
Apollo Tyres already has a sizable presence in South Africa, Netherlands and has recently started operations in Thailand, Dubai, Brazil and Australia. Its domestic presence mostly includes its facility in Limda, Gujarat, which is its largest, followed by two plants in Kerala, Kalamassery and Perambra.
The company has also invested Rs 1, 500 crore in its Chennai plant as part of its plan to increase production. It also will convert its Kalamassery facility in Kerala over the next three years into a production hub of off-the-road (OTR) tyres with a further investment of Rs 500 crore, expanding its focus to exports.
Photo Credits: The Hindu BusinessLine