Apollo Tyres is setting up Europe?s largest greenfield plant in Hungary with an investment of Euro 475 million to produce nearly 62 lakh tyres for passenger cars and heavy commercial vehicles per annum. The facility at Gyongyoshalasz will start production early next year and it will produce tyres to cater to the entire European market.

The state-of-the-art Hungarian facility, once completed, will have a capacity to produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 6,75,000 heavy commercial vehicle (HCV) tyres per annum. The total investment in the facility will be Euro 475 million (about Rs 3,460 crore) and the Hungarian government was very excited about the investment from a leading Indian company.

Hungarian Prime Minister Viktor Orban, at a joint press conference with visiting Indian Vice President Hamid Ansari recently, had specifically mentioned about the Apollo Tyres plant saying it was one of the largest foreign investments in Hungary.