Apollo Tyres to set up 500 million euros greenfield plant in Europe

Written by fe Bureau | Kochi | Updated: Aug 7 2014, 07:19am hrs
Outside India, Apollo Tyres will set up its first greenfield plant in Europe due to the robust margins it enjoys there, company officials said on Wednesday. Though still undecided on the location, the company is likely to focus on Eastern Europe, and the facility would be commissioned by FY18, Neeraj Kanwar, vice-chairman and managing director, Apollo Tyres, told reporters.

The investment would be around 500 million euros and the plant would have an annual capacity of 5.5 million passenger car tyres and 675,000 heavy commercial vehicle tyres.

For the quarter ended June 30, 2014, Apollo Tyres, on a consolidated level, reported a profit of R228 crore on sales of R3,235 crores. Showing signs of growth, Apollo Tyres Indian operations registered 6% increase in revenue in the first quarter while European operations continuing their good performance.