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| Apollo Tyres mulls Rs 1,000 cr investment in Kerala |
| Press Trust of India / Kochi Jul 22, 2009, 18:42 IST |
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Apollo Tyres was planning to invest about Rs 1,000 crore for setting up an IT park and a hotel complex in Kerala, Apollo Group Chairman Onkar S Kanwar today said.
There were plans to set up a five star hotel and IT park at the 30 acres land at nearby Kalamassery where it has a tyre unit, Kanwar told reporters here.
The company had decided to shift the unit to the Rubber Park at nearby Irapuram. But due to strong objection from the trade unions, it had been held up.
Kanwar said the unions have more or less agreed for shifting the factory.
Apollo Tyres is planning to double the capacity of the unit from 100 tonnes per day to 200 tonnes per day after it was shifted to the rubber park.
On the company's revenues, Kanwar said from the India operations, the total business revenue was Rs 4,100 crore and it was expected to grow to Rs 6,000 crore by 2011 fiscal.
Apollo's 60 per cent turnover was from Indian operations and the target was to raise it to 70 per cent, he said.
A Rs 2,000 crore new plant was coming up in Tamil Nadu and it was expected to be completed in another 11 months time where truck and bus radial tyres would be manufactured.
The company was planning to put in Rs 100 crore investment in its Perambra unit.
35 per cent of the total tyre production was from Kerala. The company had invested about Rs 300 crore in the last two years for production, he said.
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