Global expansion: Apollo Tyres to invest $1 billion
Apollo Tyres Ltd. will be investing $1 billion in production facilities over the next five years.
According to Apollo Vice-Chairman and Managing Director Neeraj Kanwar, the expansion of Apollo’s global footprint will include:
* setting up two new plants in Southeast Asia and Eastern Europe.
* increasing production at its Apollo Vredestein B.V. factory in the Netherlands from the current 6 million to 7.5 million units a year.
* converting its Kalamassery plant in Kerala, India, into a dedicated unit for production of off-the-road (OTR) tires.
Around 85% of the output from the Kalamassery plant will be exported to the U.S., Europe, Australia and Latin America.