Apollo Tyres to set up 475 millon euro plant in Hungary
The Dollar Business Bureau
India’s leading tyre-maker Apollo Tyres has announced it will soon establish Europe's largest greenfield plant in Hungary with a total investment of 475 million euros to manufacture about 62 lakh tyres for passenger cars and heavy commercial vehicles per year.
The facility at Gyongyoshalasz in Hungry will start production early next year and will produce tyres to cater to the entire European market.
"Construction of Apollo Tyres' first European greenfield plant at Gyongyoshalasz has started on April 10, 2015 and we will start production in early 2017. It will be Europe's largest greenfield tyres plant," Apollo Tyres (Hungary) KFT, Head - Project Controller, Amitabh Arya said to PTI.
Once completed, the Hungarian facility will produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 675,000 heavy commercial vehicle (HCV) tyres per year.
Hungarian Prime Minister Viktor Orban, in the presence of Indian Vice President Hamid Ansari, who was on a visit to the country, had referred to this project and said it was one of the largest foreign investments in Hungary.
The Gyongyoshalasz facility will manufacture both Apollo and Vredestein tyres and will cater to the entire European market.
Apollo Vredestein BV, a part of Apollo Tyres Ltd., has its head office in Enschede, the Netherlands. The company designs, manufactures and sells high-quality tyres under the Apollo and Vredestein brands in Europe and North America.
Apollo Tyres’ products are available in more than 100 countries. The company had registered turnover of $1.8 billion as on March 31, 2016.