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Apollo Tyres closes 300 million euro financing for Hungary plant

 NoraPrice
  48
 May 29, 2024

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NEW DELHI: Apollo Tyres today said it has completed three upcoming manufacturing plants in Hungary Euro financing of $100 million.

Apollo Tyres said in a statement that it has successfully closed 3 greenfield plants in Hungary financing of 100 million euros.

It added that a consortium of international banks including ABN AMRO, Magyar Export-Import Bank, Raiffeisen including Standard Chartered Bank and UniCredit Bank Hungary provided support and debt financing to the company.

The company began construction of the plant earlier this year with a total investment of 475 million euros.

K, Managing Director, Apollo Tyres Hungary: “We thank our consortium partners for providing appropriate solutions to the specific financing needs of the project and facilitating its smooth implementation.” Prabhakar said.

The first batch of products is expected to leave the factory at the beginning of the production year 2017, which will create around 10,000 jobs in the country.

The plant has the capacity to produce 5.5 million passenger car and light truck (PCLT) tires and 675,000 heavy commercial vehicle (HCV) tires annually.

The company said, “The plant will complement the existing Apollo tires in the Netherlands and bring all tires under the Apollo and Vredestein brands to the European market.”

Shares of Apollo Tires (Apollo Tires) closed up 3.40% to Rs 179.25% per share on the BSE today.

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