Apollo Tyres today signed an agreement with the Andhra Pradesh government to set up a manufacturing facility in the state.
“As per the Memorandum of Understanding, the company will invest approx. Rs 525 cr for setting up this facility in Andhra Pradesh bordering the south-eastern coast of India,” said the company.
The proposed manufacturing facility will become the 5th plant for Apollo Tyres in India.
It has two plants in Kerala and one plant each in the states of Tamil Nadu and Gujarat.
The company has international manufacturing presence with a one plant in the Netherlands and another Greenfield facility currently being set up in Hungary.
Apollo Tyres Ltd is an international tyre maker with manufacturing units in India and abroad.
The company’s annual consolidated revenue for March 2016 was Rs 117.1 billion ($1.8 billion). It was founded in 1976. Its first plant was commissioned in Perambra, Thrissur, Kerala.
The company markets its products under its two global brands – Apollo and Vredestein.
Apollo is a leading tyre brand in India and Vredestein is a premium brand in Europe.
The company’s products are available in over 100 countries.