The Apollo Tyres, the Indian biggie in the tyre manufacturing field is all set to invest around "€šÂ¬400 million (over Rs 2,500 crore) to set up two new facilities in East Europe and Brazil in the next 3-4 years as it aims to expand its global reach. This will surely increase their market if this move workout positively.
"We will set up a greenfield plant in Eastern Europe and currently we are scouting for locations in 4-5 countries. The plant will be ready in the next 2-3 years." said Mr. Onkar S. Kanwar, chairman of Apollo tyres company.
"We have not finalised the location and capacity yet, but any such facility will require an investment of at least "€šÂ¬150-200 million" he added. The company, which currently has an European subsidiary-Apollo Vredestein, is also keeping its options open to acquire a tyre firm in the Latin American market to start its operations there.
"We have set up a small office in Brazil and currently we are testing our tyres. We are looking to set up a plant and hope to start construction in the next two years" he said, adding it will start with commercial vehicle tyres there. The proposed facility will have an initial capacity of 7-10 million units a year.
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