Administrative hurdles cleared for Apollo Tyre plant
The government has declared a HUF 146 bln plant owned by India's Apollo Tyres will be built in Gyöngyöshalász (northern Hungary) as an investment of "elevated importance" for the national economy, a designation that eases the administrative tasks necessary for the investment. The declaration was made in a decree published in Hungarian official gazette Magyar Közlöny.
Company and government officials announced the planned construction of the plant in September. It will create 975 jobs. The government is awarding Apollo a cash investment subsidy of HUF 16 bln for the project. The cornerstone of the plant is expected to be laid in the spring of 2015, and the first tyre could roll off the production line early in 2017.
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