Apollo Tyres announces HUF 146 bln factory

Pharma

Company and government officials announced the construction of a HUF 146 bln plant in Hungary by India's Apollo Tyres at a press conference yesterday.

State secretary Péter Szijjártó said the plant would turn out 16,000 car tires and 3,000 tires for light commercial vehicles a day.

Apollo Tyres managing director Neeraj Kanwar said the plant in Gyöngyöshalász would compliment production at Apollo Tyres' unit in the Netherlands.

It will make Apollo and Vredestein brand tires for the European market, which includes Russia and Turkey, he added.

News of the planned investment was revealed after the European Commission cleared an investment subsidy for the plant about a week earlier.

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