The board of directors at Apollo Tyres has approved a decision to build a new tire manufacturing plant in Hungary, its first greenfield facility outside of India. The €475m investment will see a new production plant set up over the next five years in a new industrial zone near Gyongyoshalasz, 100 km northeast of Budapest. “Our aim is to create a benchmark manufacturing facility, which would further increase our competitive strength in the European market,” said managing director Neeraj Kanwar. Construction is expected to start in the spring once the building’s permits are all in place.
