GURGAON, India (May 15, 2014) — Apollo Tyres Ltd.'s board of directors has approved an investment of $685 million over four years to build a car and truck tire plant in eastern Europe, but the Indian tire maker has yet to select a site.
The board said it envisions a plant with capacity for 16,000 passenger and 3,000 truck tires a day.
Addressing the issue in the firm's fiscal 2014 earnings results, Apollo Chairman Onkar S. Kanwar said, “We are aggressively pursuing organic growth opportunities. Considering the increased demand for our tires in Europe, along with capacity constraints in our existing facility in Enschede, the Netherlands, has made us prioritize our investment into a greenfield facility in the region.”
