Apollo Tyres Ltd. announced that its board of directors has approved the construction of a greenfield plant to be built in Eastern Europe.
Apollo says the project is expected to cost approximately €500 million Euros ($682 million) over the next four years, funded with accruals and debt at the company’s European subsidiary, Apollo Vredestein B.V.
The planned capacity is expected to be 16,000 passenger car tires and 3,000 truck-bus radial tires per day.
The company has not yet finalized the exact location for the greenfield facility.
