Apollo Tyres is reportedly investing in a new two wheel and light truck tyre factory in Andhra Pradesh. The news followed the publication of the company’s second quarter results.
This means an investment of 5 billion rupees, which equates to £60 million; 68.6 million euros; or US$74.6 million.
The plans come as result of increasing demand on Apollo’s production capacity. According to the company, all of Apollo’s factories are running at 85 per cent utilisation levels. “In a plant, you normally take up to 90-92 per cent. So today we are close to the peak level of capacity,” chief executive Neeraj Kanwar told local news sources.