Apollo Tyres is reportedly looking to partially use the recently raised Rs 1500 crore Qualified Institutional Placement (QIP) proceeds to develop a new greenfield facility in Andhra Pradesh. The company is also planning to use part of the funds to double capacity at its facility in Chennai, as it seeks to consolidate its leadership position in the truck bus radials and the passenger cars tyres segment in the local market.
Apollo Tyres is one of the leading tyre manufacturers in India with its product portfolio spread across tubeless and tube type tyres for cars, suvs, trucks, buses etc.
