Apollo Tyres is investing between $238-253 million in its Chennai facility as well as $226 million in a Hungary-based greenfield plant in 2016-17, according to the Business Standard.
The tiremaker has already spent a quarter of the planned capital expenditure on the Hungarian plant, which is expected to start production Q1 2017. The facility will produce roughly 5.5 million passenger tires and 675,000 truck tires annually.
Apollo’s investment in its Chennai plant will increase capacity by 12,000 TBR and 16,000 passenger tires daily. The expansion is expected to complete Q4 2016.