Apollo Tyres to set up manufacturing unit in Hungary
Friday, 18 January 2008, 01:40 IST
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Budapest: Indian tyre manufacturer Apollo Tyres is to set up a factory in Hungary, local media reported on Wednesday. Hungarian Prime Minister Ferenc Gyurcsany, who is on a four-day visit to India, made this announcement in New Delhi Wednesday. "We are on the verge of signing an agreement on establishing a new plant," MTI news agency quoted Gyurcsany as saying. Apollo said it planned to spend 200 million euros in the first phase of setting up the plant, most likely in Gyongyos, near capital Budapest. The plant is expected to pump out seven million tyres per year for the European and North American markets, the company said. Hungary has been keen to develop links with emerging economies such as India, and the plant is the biggest investment yet by an Indian firm in the Central European nation. Tyre manufacturer Hankook is already present in Hungary. Its 535-million-euro plant opened in June last year. Major car manufacturers such as Suzuki and Audi have also plants in Hungary, while other firms operate in neighbouring companies
Source: IANS
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