Apollo Tyres invests in solar energy company 

Chennai, India – Apollo Tyres has acquired a 27% share in CSE Deccan Solar, a subsidiary of Indian solar energy solutions supplier Cleantech Solar, as part of its strategy to improve sustainability.

The tire maker has invested a sum of INR93 million (€1.1 million) for a guaranteed supply of 40 million units of solar-based electricity per annum at its Chennai manufacturing facility, said an Apollo statement 20 Jan. 

The company said the decision to opt for an offtake deal was made considering that solar power is produced “only for few hours every day, and there is no storage facility available.”

The agreed quantity is approximately 20% of the total energy requirements of the group’s largest production site and will power the Chennai plant's "critical equipment".

Apollo said the power supply was likely to begin in July.

“This investment to secure solar power for our Chennai facility, is one of the several initiatives that we are undertaking towards a sustainable future,” said Sunam Sarkar, president & chief business officer, Apollo Tyres Ltd.

Apollo's Chennai factory has an installed capacity to produce around 900 tonnes of tires per day. It manufactures passenger car, light truck and truck & bus tires.