IFC to invest $60 million in Apollo Tyre

Written by Sajan C Kumar | Chennai | Updated: Apr 24 2010, 06:59am hrs
International Finance Corporation (IFC), the World Bank's multilateral lending arm, will be investing $60 million (around Rs 270 crore) in Apollo Tyre's greenfield manufacturing project coming up on the outskirts of Chennai. The tyre major is setting up a new tyre manufacturing facility at Oragadam, near Chennai, at an estimated cost of around Rs 2,000 crore. The new plant , which will exclusively roll out truck, bus and car radial tyres, is likely to go on stream by the first quarter of FY2011. The new tyre manufacturing facility is coming up at the State Industries Promotion Corporation of Tamil Nadu's industrial park at Oragadam. Apart from Chennai plant, Apollo was also in the process of implementing smaller capital expenditure programmes at its existing facilities at Limda in Gujarat.