1 Nov 2004
New Delhi, India--Apollo Tyres is reportedly looking at expanding its Baroda tyre factory and has completed a further step on its proposed acquisition of Modi Rubber.
Apollo said it intends to expand the Baroda plant capacity to 10 000 units/day, from 7000. This would contribute to a 15-percent increase in output from Apollo, to 230 000 tonnes per year.
Separately, Apollo said it "has completed the technical, financial and commercial due diligence" on the tyre business of Modi Rubber. The next step, said Apollo is for the current owners to come up with a proposal for Apollo to acquire the business.
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Deepika Global (India) story on Baroda project
Sify (India) story on Modi due diligence
Website of Apollo Tyres
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