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.