Apollo Tyres to cut capex by Rs 400 cr this fiscal to preserve liquidity

The company had earlier earmarked a capex of around Rs 1,400-1,500 crore for the domestic operations for the current financial year

Apollo Tyres has decided to cut its capital expenditure (capex) by Rs 400 crore this fiscal amid challenging business environment due to the coronavirus pandemic, according to a senior company official.

"Given the overall demand situation, we have cut back on capex to the tune of another Rs 400 crore in 2020-21 to make sure that we are not stressed from a cash flow or a liquidity perspective," Apollo Tyres Chief Financial Officer Gaurav Kumar said in an analyst call.

The company had earlier earmarked a capex of around Rs 1,400-1,500 crore for the domestic operations for the current financial