Apollo tyres to invest Rs 4,025 crore in new plant
Bhagyashree Vivarekar / 20 Mar 2017
Apollo Tyres will set up a manufacturing unit in Andhra Pradesh for two- wheeler tyres and pick-up trucks and is expected to invest about Rs. 525 crore on the plant in the phase one.
Apollo Tyres will set up a manufacturing unit in Andhra Pradesh for two- wheeler tyres and pick-up trucks and is expected to invest about Rs. 525 crore on the plant in the phase one. Overall, Apollo will invest about Rs 4025 cr. The State Investment Promotion Board (SIPB) has approved reimbursement of 100 per cent VAT/CST/SGST for 20 years from the date of commencement of commercial production or up to realisation of 50 per cent of fixed capital investment, whichever is earlier.
In India, Apollo Tyre has approximately 1495 MT and 400 MT per day production capacity and capacity underway respectively. Furthermore, Tyre sales in India is expected to grow at 7.4 per cent CAGR over 2016 to 2021.
In today’s trade, the stock of Apollo Tyres opened gap up and rose to almost 4 per cent early morning, touching day high of Rs. 206.8. Further, the stock touched day low of Rs. 202.1 and currently is trading at Rs. 203.6.
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