Current Issue

Apollo to improve Indian plants

Comments Email

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.

More Polls>

TB Reader Poll

Previous | Published March 23, 2018

What is your reaction to the tariffs levied on steel and aluminum?

I'm strongly in favor of them.
30% (50 votes)
I favor them, but they don't go far enough.
7% (12 votes)
It's a bad idea that will cause an unnecessary trade war.
55% (92 votes)
It doesn't matter either way.
8% (14 votes)
Total votes: 168
More Polls »