Apollo Tyres to build plant in Hungary

Pharma

India-based Apollo Tyres Ltd. is willing to build a plant in Europe and has narrowed the possible location to either Hungary or Slovakia, industry portal RubberNews.com published.

Appollo is hoping to reach the final decision by the end of June, the company's European executive Luis Ceveniz said at a German industry fair. Tire producer is planning to invest $685 million in Eastern Europe to build its newest car and truck tire plant.

Presumably, the factory would bear with a capacity for 16,000 passenger and 3,000 truck tires to be produced a day at maximum production. The production would involve approximately 900,000 metric tons of processed rubber a year but the capacity in the first phase is expected to be around 250,000 tons, company’s board said.

Apollo’s vice chairman and managing director Neeraj Kanwar said the plant would be completed in four to five years. The plant will be built on a modular basis, allowing the company to add further expansions gradually on demand.

Apollo had intended to build a €300 million plant in Gyöngyös in 2008, but the plan was dropped a year later due to difficulties with acquiring permits and potentially divisive local referendum.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.