Apollo Tyres opens Hungarian plant
Apollo Tyres today opened its first greenfield investment outside of India, a more than 72 hectare factory that cost EUR 475 million, and is located in Gyöngyöshalász, less than 100 km from Budapest.
On the occasion of the celebration of its new plant, Apollo has light-painted the Chain Bridge ‘Apollo purple’; the light show light show can be seen until Sunday. (Photo: Apollo Tyres)
The Hungarian government has supported the investment with a grant of HUF 16 billion. The plant, which is Apollo’s second in Europe, will put out two million tires a year once it reaches full capacity at the fall of 2018.
“With this inauguration today of our Hungarian greenfield facility, we have crossed another milestone in our global growth journey. This facility will help us further increase our presence and market share in Europe. From being a replacement market focused company in Europe, we would soon be starting supplies of our tires to all the leading OEs in Europe,” said Onkar S Kanwar, chairman of Apollo Tyres.
The final capacity at the end of Phase I will be 5.5 million passenger car and light truck (PCLT) tires and 675,000 commercial vehicle tires. This facility will complement Apollo Tyres’ existing factory in the Netherlands, and will produce both Apollo and Vredestein brand tires for the European market.
The inauguration also marks 40 years of the company being in the business of making and selling tires.
The inauguration was attended by Prime Minister Viktor Orbán, Foreign Affairs and Trade Minister Péter Szijjártó, Ambassador of India to Hungary HE Rahul Chhabra, Apollo chairman Onkar S Kanwar and Apollo vice chairman and managing director Neeraj Kanwar, as well as the company’s board of directors and its senior management team.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.