Apollo Tyres to build plant in Hungary
India-based Apollo Tyres Ltd. is willing to build a plant in Europe and has narrowed the possible location to either Hungary or Slovakia, industry portal RubberNews.com published.
Appollo is hoping to reach the final decision by the end of June, the company's European executive Luis Ceveniz said at a German industry fair. Tire producer is planning to invest $685 million in Eastern Europe to build its newest car and truck tire plant.
Presumably, the factory would bear with a capacity for 16,000 passenger and 3,000 truck tires to be produced a day at maximum production. The production would involve approximately 900,000 metric tons of processed rubber a year but the capacity in the first phase is expected to be around 250,000 tons, company’s board said.
Apollo’s vice chairman and managing director Neeraj Kanwar said the plant would be completed in four to five years. The plant will be built on a modular basis, allowing the company to add further expansions gradually on demand.
Apollo had intended to build a €300 million plant in Gyöngyös in 2008, but the plan was dropped a year later due to difficulties with acquiring permits and potentially divisive local referendum.
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