Apollo Tyres closes €300 mln financing for Hungary plant
India-based Apollo Tyres closed a €300 mln financing deal for a plant it is currently building in Hungary, local news portal profit.ndtv.com reported yesterday.
The company was supported and provided debt financing by an international consortium of banks including ABN Amro, Hungarian Export-Import Bank, Raiffeisen Bank, Standard Chartered Bank and UniCredit Bank Hungary, the portal noted.
Constructions for the plant began earlier this year with a total investment of €475 mln. The company expects to roll out the first product from the plant in the first half of 2017, the portal reported. According to the Indian portal, the plant will have a capacity to produce 5.5 million passenger car and light truck tires and 6,75,000 heavy commercial vehicle (HCV) tires annually.
"This facility will complement Apollo Tyresʼ existing facility in the Netherlands, bringing the whole range of Apollo and Vredestein branded tires to the European market," the portal cited the company saying.
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