New Delhi: Apollo Tyres on Jan 16 declared an investment of Rs 1,160 crore to establish a manufacturing unit for passenger car tyres in Hungary. In the first phase, the facility will have a capacity of 7 million tyres, with production likely to start in the next 18 months. The manufacturing facility in Gyongyos, Hungary will become its center to service our passenger car radial customers in Europe and North America. Currently, Apollo Tyres exports to these regions where the passenger car tyres market is pegget to be of 240 million units size annually and growing at almost two per cent. In the domestic market, the company is establishing a unit in Chennai at an investment of Rs 220 crore in addition to its existing four production units.
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