$35 Million Loan For Apollo Tyres
Apollo Tyres, India’s second-largest tyre manufacturer, has negotiated a $35 million loan from the International Finance Corporation and banks as part of a two-year, $51 million investment plan. $20 million will come from the IFC and the remainder from participating banks. The money will fund the set up of a new truck radial tyre plant in Gujarat and an increase in capacity of Apollo’s two existing plants in Kerala. The radial technology will be supplied under an agreement with Continental AG.