Apollo Tyres' Hungary plant launched by PM Viktor Orban

Lending more depth to business ties with India, Hungary Prime Minister Viktor Orban on Friday inaugurated Apollo Tyres' largest greenfield facility in the country with an investment of 475 million euros.

This is Apollo Tyres' sixth global manufacturing unit and the second one in Europe and its final capacity at the end of Phase I would be 5.5 million passenger car and light truck (PCLT) tyres and 675,000 commercial vehicle tyres.

There have been unexpected developments around the world in the global security arena, Orban said at his inaugural address.

"There will not be any compromise on safety and security issues whether during war or peace...security of people living here will be prime," Orban said as he inaugurated the facility by breaking a coconut in the traditional Indian manner.

The Prime Minister said there were "well-educated pessimists who used to say opening towards the East is hopeless" but history is changing.