Apollo Tyres is planning to invest over Rs.100 crore in brownfield expansion at its existing facility at Vadodara in Gujarat.

The new facility would meet the growing demand for truck and bus tyres, according to the company’s vice-chairman & managing director, Mr Onkar S Kanwar.

The project is expected to be completed by 2003. The funding pattern for the expansion has not yet been finalised.

Last year, Apollo Tyres had drawn up plans for setting up a fully-owned subsidiary to implement a greenfield tyre project at an estimated cost of Rs.450 crore. The capacity of the plant was to be 100 tonnes per day. It was to be a hybrid plant capable of making radials as well as cross ply tyres for trucks and buses to meet the emerging demand in this segment. However, considering the changing scenario in the market, the company has decided to go for modular growth right now.