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EU approves regional aid to Apollo Tyres

Recycling

Hungary got the green light from the European Union to grant €95.7 mln in aid to India-based Apollo Tyres. The indian firm will build a new tyre plant and create 975 jobs in Northern Hungary.

After securing regulatory approval from the European commission, Hungary will fund €95.7 mln into Appolo Tyres' new unit. The Hungarian state will give a direct grant of 48.2 million euros, an employment grant of 2.8 million euros and tax allowances of about 44.7 million euros for the construction of a tyre plant.

The new facility will create 975 new jobs in Gyöngyöshalász. The site is located in Northern Hungary, a region affected by slow growth and high unemployment. The EU commission said the project complies with EU aid rules and will boost regional development.

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