Apollo Tyres to set up greenfield plant in Hungary
Apollo Tyres on Monday said it plans to set up a greenfield plant in Hungary with an investment of €200 million, a top company official said.
“We are expecting to get all clearances from the government within the next eight months and will commence civil work this year,” Appollo Tyres chief (India Operations) Satish Sharma said. He said the Hungary plant would have a production capacity of 25,000 units per month. The company also plans to increase its tyre manufacturing capacity in the country from 15,000 units a day to 45,000 units a day. “We are increasing the capacity at our Baroda plant from 10,000 units a day to 15,000 units a day. This will involve an investment of rupees 150 crore ($37.4 million),” he said.
The company, he said, would also establish a plant in Baroda to manufacture OTR tyres at an investment of rupees 100 crore ($24.75 million) and would have a capacity of 10,000 units per day. This would produce tyres mainly for BEML and Coal India. The company had earlier announced that it would be setting up a greenfield plant here at an investment of rupees 150 crore. This facility would have a production capacity of 30,000 tyres per day. “These three plants, at an investment of rupees 750 crore ($185.7 million), will be going on stream by the middle of 2009 and it will increase our tyre manufacturing capacity from 15,000 units to 45,000 units per day,” he said. (Economic Times)
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