Michelin Apollo Tyres Ltd, the Indian tyre-making joint venture, has bought tyre manufacturing equipment from Apollo Tyres' Vadodara factory for a reported Rs132.5 million (â‚¬2.34 million) The equipment was put into Vadodara in 2002/03, in preparation for an aborted truck tyre manufacturing deal between Apollo and Continental AG.
Vadodara has nominal capacity for 2.5 million car and light truck tyres and 1.2 million truck tyres per year. The equipment will be moved to the MATL plant in Ranjangaon, Pune.
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Financial Express (India) story