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Hungary plant to start rolling out products by 2017: Apollo Tyres

 MyrnaIsaiah
  50
 May 29, 2024

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NEW DELHI: Apollo Tyres today said it will invest 4.75 2017 euros in its Greenfield plant in Hungary and start rolling out products every year in 2017.

The board approved setting up the plant with a total capacity of 5.5 million passenger car and light truck (PCLT) tires and six 75,000 heavy commercial vehicle (HCV) tires per year.

The plant will be built in a new industrial area near Gyonyoshalasz will produce Apolloolo and Vrestein brand tires and will meet the needs of the entire market. It will enter the European market and will complement Apollo tires at the existing plant in the Netherlands.

“This investment is our first in a new plant outside India and marks a significant milestone in the company’s international growth journey. We aim to establish a benchmark manufacturing facility to further enhance our competitiveness in the European market.” Apollo Tyres Limited Vice Chairman and Managing Director said in a statement.

Factory Plan 2015 Factory Plan The first batch of tires is expected to start construction in the spring of 2017 and is expected to be launched at the beginning of the year.

“The plant will not only provide direct employment for 975 people, most of whom will be employed locally. The plant will create indirect jobs and make a significant contribution to local development.

Currently, Apollo Tyres has four manufacturing plants in India, three in South Africa and one in the Netherlands. The total capacity of all the plants is 1700 tons per day.

The company decided to go ahead with the construction of a new plant in Eastern Europe after the failed acquisition of the plant for $2.5 at $100 million. Cooper Tire is headquartered in the United States.

Today, Apollo Tyres shares closed at Rs 201.30 per share on the Bombay Stock Exchange, up 2.91% from its previous close.

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