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Apollo Tyres To Invest Rs. 300 Crore
Apollo tyres will invest Rs. 1100 crore to strengthen its infrastructure in its 9 plants and likely to expand its business in Asian region. According to Apollo Chairman, Onkar S Kanwar, the company is researching for various countries and expansion depends on the availability of raw materials for making tyres.
During the current fiscal the total capacity of the Indian Apollo tyre plants will reach 1450 tonnes, while South African and European plants will add 200 tonnes. Apollo Tyres will also be investing 30 million dollars at its South Africa plant and 6 million euros for Europe plant.
With regard to its investments this year, Kanwar said that 900 crore rupees will be invested in 5 Apollo Plants in India. The Chennai plant is already manufacturing truck-bus radial and passenger car tyres and four months ago since production commenced, Apollo has dispatched cargoes with tyres to OEMs.
At the Chennai plant, Apollo's total investment this year will be Rs. 2300 crore and so far only Diploma engineers had been employed as the IT driven machinery needs technical knowledge and advanced skills. By the end of 2010, according to the Chairman of Apollo, the Chennai plant will produce 16,000 passenger car and 6000 truck-bus radial tyres every day.
Apollo will also plonk Rs 200 crore in its Baroda plant and also has plans to invest another 200 crore in Peramabra unit in kerala. This Kerala plant is facing labor problems which incurred a loss of Rs. 300 crore to Apollo Tyres so far. Every day, the loss is as high as 5 crore. There is heavy absenteeism among laborers and the company should be allowed to take secondary laborers, according to Kanwar.
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