Apollo Tyres to receive state subsidy in Hungary

Following a decision by the Minister for National Economy, Apollo Tyres Ltd. will receive a job-creation training subsidy of HUF 606 million (cca. EUR 2 million). The Indian company is to spend the amount on providing Hungarians with vocational training in tire manufacturing between May 2015 and December 2019.

As a precondition for the subsidy, the company has agreed to employ at least 70% of those participating in the training program for at least 18 months following training courses.

Apollo Tyres has already started the recruiting process. So far, the company has offered apprenticeships to 250 students in their final year of education, and contracts have already been signed with 90 technicians. According to current plans, from May 1 young employees will initially participate in two-month theory and language courses, and then will receive four-months of practical training courses at Apollo’s factories in India and the Netherlands. Their first task upon returning will be to install and commission equipment at the production plant in Gyöngyöshalász, northeastern Hungary. With this new investment, the company is providing major support to the training of Hungary’s labor force and to the dual education system of the Eastern Hungary region.

A statement by the Ministry for National Economy says that thanks to Appollo Tyres’ HUF 146 billion (close to EUR 0.5 billion) green-field investment, 975 new jobs will be created and one million tires will be manufactured annually. Apollo Tyres Ltd. was founded in 1972, employs sixteen thousand people, is the number one tire manufacturing company in India and is currently number sixteen on the global market. The company is present in India, Africa and Europe, with six factories exporting its products to over one hundred countries.