Apollo Tyres secured a €300m construction loan for its new Hungarian plant. An international consortium, including ABN Amro, Hungarian Export-Import Bank, Raiffeisen Bank, Standard Chartered Bank and UniCredit Bank Hungary, backed the Indian tire producer in the investment, which broke ground earlier this year. The project is expected to cost €475m. According to Indian media reports, the plant will have the capacity to produce 5.5 million passenger car and light truck tires and 6.75 million heavy commercial vehicle (HCV) tires annually.
The Hungarian plant will complement Apollo Tyresʼ existing facility in the Netherlands, bringing Apollo and Vredestein branded tires to European markets, according to media reports.
