Apollo Tyres Chairman Onkar S Kanwar and Hungarian Prime Minister Viktor Orbán inaugurated Apollo Tyres' 6th global tire manufacturing unit in Gyöngyöshalász, east of Budapest, which is the first greenfield investment of the company outside of India. The EUR 475 million investment aims to strengthen the European presence of the company to become a TIER1 supplier of the main European OEMs. The Hungarian Investment Promotion Agency (HIPA) provided their comprehensive project-management services for the company to foster the positive investment decision for Hungary.
Apollo Tyres Ltd,
headquartered in Gurgaon, India, is in the business of manufacture and sale of tires
now for 40 years. The company has six manufacturing units in India, in the
Netherlands and now in Hungary, and exports to over 100 countries. Powered by
its key brands Apollo and Vredestein, the company offers a comprehensive
product portfolio truck-bus, off highway to bicycle tires. At the end of its
financial year in 2015, Apollo Tyres reached a turnover of USD 2 billion,
backed by a global workforce of approximately 16,000 employees.
The Gyöngyöshalász planr,
located less than 100 kms from Budapest, is Apollo Tyres' first greenfield
facility outside India, which reflects well on the company's growth aspirations
and manufacturing capabilities, showcasing some of the best practices available
across the globe in tire manufacturing. A highly automated plant with use of
IT-driven systems and robotics, it employs young and skilled associates, mostly
hired from the region.
The new unit whose construction
began in April 2015, is built on a site of over 72 hectares. The full capacity
at the end of Phase I will be 5.5 million passenger car & light truck
(PCLT) tires and 675,000 commercial vehicle tires. The Hungarian facility will
complement Apollo Tyres' existing unit in the Netherlands and will produce both
Apollo and Vredestein brand tires for the European market.
"With this inauguration
today of our Hungary greenfield facility, we have crossed another milestone in
our global growth journey. This facility will help us further increase our
presence and market share in Europe. From being a replacement market focused
company in Europe, we would soon be starting supplies of our tires to all the
leading OEMs in Europe," Onkar S. Kanwar, Apollo Tyres Chairman stressed in
his inauguration speech.
The Prime Minister described
the Gyöngyöshalász project as one of the world’s most modern investments, to
the highest standards, “and we may be equally proud of both its spirit and its
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