GURGAON, India (July 3, 2014) — Apollo Tyres Ltd.’s board of directors has approved $340 million in investments in two tire plants in India.
The projects entail expanding and modernizing a radial truck tire plant in Chennai and converting a bias-ply truck tire plant in Kalamassery to specialty/industrial tires.
Capacity at the Chennai factory will be boosted nearly 50 percent to 8,900 units a day, reflecting an improved demand outlook and the 4-year-old Chennai factory’s better-than-projected return on investment thus far, the tire maker said.
Apollo did not disclose details as to the conversion of the 19-year-old Kalamassery plant, where two years ago the company announced plans to invest about $55 million to install and upgrade capacity for off-highway tires.
Apollo did not comment on the potential effect on employment of either project.
The board of directors also authorized the company to raise $200 million in funds, subject to approval from shareholders, by issuing securities in one or more tranches.
Do you give any credence to news reports trying to link cancer in youth soccer players to crumb rubber used in artificial turf?
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