Apollo Tyres will invest up to $600 million (about Rs 4,000 crore) next fiscal to enhance capacity at its plants in India and abroad.
The company, which today announced its foray into the two-wheeler market, will start rolling out tyres from its upcoming plant in Hungary by January 2017. “We plan to spend around $500-600 million as part of our capital expenditure in the next fiscal on our two plants in Chennai and Hungary,” Apollo Tyres Vice-Chairman and Managing Director Neeraj Kanwar told PTI. He further said the company is doubling the capacity of its Chennai plant to 12,000 truck and bus radials (TBR) a day from 6,000 earlier. Commenting on the company’s foray into the two-wheeler segment, he said it is a part of a move to offer a complete range of products for the automotive industry.