Apollo Tyres begins construction work at Hungary-based plant

NEW DELHI: Apollo Tyres today began construction of its new manufacturing facility in Hungary, on which the company plans to invest 442.2 million euros (about Rs 3,450 crore).

The facility will start production in early 2017 and manufacture Apollo and Vredestein branded tyres to cater to the entire European market, the company said in a statement.

Construction of Apollo Tyres' first European greenfield plant in Gyongyoshalasz, Hungary, started today with the foundation stone laying ceremony, it said.

Viktor Orban, Prime Minister of Hungary and Onkar S Kanwar, Chairman of Apollo Tyres, jointly laid the foundation stone of the facility in the presence of various executives of the company.