Apollo Tyres to invest $340 mn to upgrade facilities_Apollo Tyres to invest $340 mn to upgrade facilities

Apollo Tyres to invest $340 mn to upgrade facilities

May 29, 2024

NEW DELHI: The Apollo Tyres Board today said it has approved an investment proposal of Rs 3.4 tires (~$20.255 billion (~$20.255 billion) Rs 100 crore for upgrading its manufacturing facilities in Chennai and Kalamassery (Kerala).

Further, Apollo Tyres Ltd. disclosed in a statement that the Board of Directors today agreed to seek shareholders’ approval to raise 2 Approximately $11.91 billion through the issue of securities For the purpose of pursuing organic growth opportunities and other corporate purposes, Rs. 100 crore).

The board approved expansion of its truck and bus business. The radial tire capacity at the Chennai plant will be increased from 6,000 tires per day to 8,900 tires per day.

He added, “The Board noted the improving demand outlook and that Chennai’s current project revenues are exceeding expectations.”

The board also approved the change in the leasing operations of the Kalamassery plant from bias truck tires to specialty industrial tires.

The company said, “We expect an investment of $340 million (205 CAPEX of Rs 100 crore) billion for the project.”

However, the company did not specifically disclose its timeline for financing the facility investment through securities. /blood

In addition, the board of directors also decided to increase the percentage of foreign institutional investors investing in the company’s shares from 40% to 45%.

Apollo Tyres shares today received Rs 204.25 shares on the Bombay Stock Exchange, up 0.47% from the previous close.

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