Apollo Tyres earmarks `2,500 crore capex for FY18
Apollo Tyres has lined up Rs 2,500 crore capex for the current fiscal as it eyes a double- digit volume growth. The company, which recently commissioned its new manufacturing plant in Hungary, expects construction activity to commence at its new plant in Andhra Pradesh in the second half of the current year.
"In rupee terms, overall for India and Europe would be about Rs 2,500 crore, almost split equally between India and Europe," Apollo Tyres Chief Financial Officer Gaurav Kumar said in an analyst call.
For the European operations, the company has earmarked a capex of about 180 million euro for the current fiscal.
"In FY18, the European capex, which is Hungary and small maintenance etc, would be about 180 million euro," Kumar said.
Besides Hungary, the company's other European manufacturing plant is in the Netherlands.
On the outlook for the current financial year, Kumar said growth prospects look good with the government focusing on infrastructure development.