Apollo announces Euro 200 million investment programme

ERJ staff report (DS)

Gurgaon, India -- Apollo Tyres has outlined the budgets for a series of expansions around the world. The total investment will be Rs 11 000 million (Euro 195 million). This will add a total of up to 15 000 tonnes/day in capacity said the company.

Of the 11000 rupees, 390 million (Euro 7 million) will go to the Enschede plant to add around 800 000 units/year capacity, bringing capacity there to just under 6 million u/year.

Rs 3000 million (euro 53 million) will go to the Chemmai plant, which will take passenger car tyre capacity to 16 000 u/day in addition to the 6000 truck and bus radials made daily.

A further Rs 1500 million (euro 26 million) will be invested in Apollo's other two Indian plants : Vadodara, Gujarat and Kochi, Kerala.

In South Afica, the company will invest Rs 1410 million (euro 25 million).

The company said the cash would come from internal resources and an increase indebt.

An Apollo spokeswoman confirmed the figures originally published by The Hindu Business Line.

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Apollo Tyres will spend Rs 1,100 cr to expand capacity The Hindu Business Line (India) (1 crore = 10 million)