In a bid to expand its global footprint, Apollo Tyres is planning to set up two new facilities in East Europe and Brazil. In this regard, the company will invest around 400 million euro (over Rs 2,500 crore) in the next 3-4 years.
At present, the company’s European subsidiary -- Apollo Vredestein -- is also keeping its options open to acquire a tyre firm in the Latin American market to commence its operations there.
The company is eying to start the plant with passenger car radial tyres with an initial capacity of 7-10 million units per year.
Earlier in 2008, Apollo Tyres had planned to set up a plant in Hungary with an investment of 200 million euro and having a capacity of 25,000 units a month. However the company had to abort its plans due to local political issues there.
