Apollo Tyres Ltd subsidiary Apollo Tyres Africa Proprietary Limited has initiated business rescue proceedings, similar to bankruptcy protection proceedings in the US, to deal with financial and operational challenges.
The company has voluntary initiated the proceedings and “has appointed a specialist to re-structure its operations and to secure best value for all stakeholders,” the Indian tyremaker said in a notice.
The specialist will advice on the manner of restructuring, it added.
Apollo Tyres is one of India’s biggest tyre makers.