Apollo Tyres rallies over 1% on expansion plans in Hungary

NEW DELHI: Apollo Tyres Ltd rallied as much as 1.5 per cent in trade on Thursday after the tyre maker said that it will start rolling out products from its 475 million Euro greenfield plant in Hungary by 2017.

The company's board has approved the setting up of the facility that will have a total capacity of 5.5 million passenger car and light truck (PCLT) tyres and 6,75,000 heavy commercial vehicle (HCV) tyres per annum, said a PTI report.

At 09:30 a.m.; Apollo Tyres was trading 1.2 per cent higher at Rs 203.85. It hit a low of Rs 201.40 and a high of Rs 204.40 in trade today.

The facility, which will come up at the new industrial zone near Gyongyoshalasz, will produce both, Apollo and Vredestein branded tyres, and will cater to the entire European market, and will complement Apollo Tyres' existing facility in the Netherlands, added the report.

Currently, Apollo Tyres has four manufacturing units in India, three in southern Africa and one in the Netherlands. The combined production capacity of all facilities put together is 1,700 tonnes per day.