Apollo Tyres earmarks Rs 3,200 crore capex for FY 17

Apollo Tyres has earmarked a capex of over Rs 3,200 crore for the current fiscal for its domestic as well as European operations.

The company has lined up a capex of Rs 1,700 crore for domestic operations and an additional 200 million Euro (over Rs 1,510 crore) for the European operations in the current financial year.

"In India we should have capex of around Rs 17 billion and in Europe it would be around Euro 200 million, in FY 2017," Apollo Tyres Chief Financial Officer Gaurav Kumar said in an analyst call.

He, however, did not elaborate any specific area where the company plans to invest during the ongoing fiscal.

Company sources, however, said the most of the investment would go into the company's Chennai-based manufacturing facility and its upcoming plant in Hungary.

The company is in the process of doubling its truck bus radial tyre capacity at Chennai plant to 12,000 tyres a day from the current 6,000 tyres per day.

Apollo Tyres shares today ended at Rs 151.45 apiece on the BSE, down 0.33% from its previous close.