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Construction of Apollo Tyres plant to begin in spring

Pharma

Preparations for the Hungarian plant of India's Apollo Tyres to be built in Gyöngyöshalász in northern Hungary, are proceeding on schedule, Hungarian business daily Napi Gazdaság reported today, citing the Hungarian Investment Promotion Agency (HIPA).

Company and government officials announced the construction of a HUF 146 bln plant in Hungary by India's Apollo Tyres on September 18, which was expected to create 975 jobs. The project is supported with a cash investment subidy of HUF 16 bln from the Hungarian government.

The cornerstone of the plant is scheduled to be laid in the spring of 2015, and the first tires could roll off the production line early in 2017.

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