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Apollo Tyres Planning Big Investments In India
Apollo Tyres have announced that their board has given the green signal to go ahead with their investment plans in India. They have proposed to invest USD 340 million to upgrade their manufacturing facilities in Chennai and Kerala.
The company recently held a board meeting in which they are to consult their shareholders to raise $200 million for corporate use. Apollo has planned to increase the limit of investments from 40% to 45%.
The board approved the expansion for their commercial tyre production from 6,000 tyres to 8,900 tyres per day at their Chennai plant. The Kerala unit is to concentrate and specialise on industrial tyres. The plant currently manufactures 30 tons of tyres and they plan to increase it to 110 tons in 24 months.
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This capacity expansion in Kerala is mainly focused for the international market to keep up with their demands. The Chennai plant was expected to reach break even point in seven years, but reached the mark in three years itself.
Apollo
tyres
were
to
acquire
US
based
Cooper
tyres
for
a
massive
USD
2.5
billion
in
2013.
This
deal
would
have
boosted
Apollo
to
become
the
world's
seventh
biggest
tyre
manufacturer.
But
the
deal
was
dropped.
They
were
worried
about
the
Chinese
venture
splitting
up,
which
would
have
been
a
big
blow.
The tyre manufacturer however, has not revealed any time frame for the investment or for raising money.
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