Apollo to grow NR, expand tire production

LSRUNQI

Apollo to grow NR, expand tire production
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, J% X9 n4 ?8 W" tFriday, August 12, 2011

Kochi, India - Apollo Tyres has acquired 10,000 hectares of land in Laos for rubber plantation. Onkar S. Kanwar, chairman and managing director, said that the objective to acquire land abroad on lease is to meet 25% of the company’s requirement as security in the next five years. Kanwar said that the company has also proposed to invest Rs500 crore in the current financial year to augment its production capacity in India and abroad. Of the Rs500 crore, six million Euros would be invested in Europe and $30 million in South Africa and the remaining in India. The company will also invest Rs40 crore in its Perambra unit in Chalakkudy and Premier Tyre facility in Kochi, he added. The rest would be utilized for capacity augmentation at the Chennai plant, which manufactures tires for trucks and cars. He said the plant capacity would be enhanced to produce 6,000 tires per day for trucks, compared to 3,000 at present, and 16,000 cars tyres per day, as against 8,000 at present.