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Apollo Tyres to invest 475 mn euros to set up Hungary plant
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SME Times News Bureau | 18 Sep, 2014
Apollo Tyres Wednesday said it will invest 475 million euros over the
next five years to setup a green field manufacturing facility in
Hungary.
"This investment would be our first one into a
greenfield facility outside of India and would be a significant
milestone in the company's international growth journey," said Neeraj
Kanwar, Vice Chairman and Managing Director, Apollo Tyres.
"Our
aim is to create a benchmark manufacturing facility, which would further
increase our competitive strength in the European market."
Kanwar
added that apart from providing direct job to 975 people, of which
majority would be hired locally, this facility will also lead to
creation of indirect jobs and contribute significantly to the
development of the region.
According to the company, once
completed, the plant will have a capacity to produce 5.5 million
passenger car and light truck (PCLT) tyres and 675,000 heavy commercial
vehicle (HCV) tyres per annum.
"This facility will produce both,
Apollo and Vredestein branded tyres, and will cater to the entire
European market, and will complement Apollo Tyres' existing facility in
the Netherlands," the company said in a statement.
The company
said that the chosen site is less than 100 km from Budapest and meets
the needs of Apollo Tyres including having close proximity to various
OEM (original equipment manufacturers as potential customers.
"The
construction of this plant is expected to start in the spring of 2015
and the first tyre is likely to roll out in early 2017," the statement
said.
Currently, Apollo Tyres has four manufacturing units in
India, three in southern Africa and one in the Netherlands. The combined
production capacity of all facilities put together is 1,700 tonnes per
day.
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