New Delhi/Kochi:Apollo Tyres has doubled its capacity in Chennai. The plant will see an investment of Rs 2,700 crore over the next three to four years. At its annual general meeting in Kochi on Tuesday, the company said consolidated net profit for the June quarter rose 27.5% year-on-year to Rs 290.6 crore mainly on the back of strong operational performance and low finance costs. However, sales reached 2.8453 trillion rupees, down 12 percent from a year ago due to lower demand. Total sales amounted to KRW 283.2 billion. The company declared a dividend of 200% for 2014-15. Chairman OS Kanwar The increase in imports of commercial vehicle tires has had a negative impact on the company’s India business. He said that Apollo’s European business is growing steadily.

The company said Rs 200 crore of the planned investment will be funded through rupee term loans, foreign currency term loans, external commercial loans and non-convertible debentures. The rest will come from internal accruals. Kanwar “With unregulated tire imports and slow market growth across regions, we have planned and invested to take full advantage of future opportunities.” “This strategic plan will reduce our dependence on growth in specific markets and expand our global reach. It will help you expand. said.

Last year, the Gurgaon-based company announced that it would invest Rs 33.25 crore (€475.1 million) to set up a greenfield plant in Hungary. “We are the first Indian tire company to set up a greenfield overseas (in Hungary) and expect to start production in the year of establishment of greenfield in 2017,” Chairman OS Kanwar said at the annual general meeting. ” “The truck-bus radial capacity in Chennai will increase from the current 60,000 per day starting 10,000 tires to 120,000 tires per day.”

Apollo Tires has manufacturing plants in India and the Netherlands and sells its products under two global brands, Apollo and Vrestein, to 100 One country. The company is expanding its scale. The company opened a sales office in Dubai and Bangkok to explore a new market. A new office has been set up in Singapore to serve as a sourcing center for the company.