30Apr/090
Apollo Tyres to invest Rs 700 crore in FY 2009-10
Apollo Tyres has posted a net profit of Rs 108 crore for FY 2008-09, an almost 50% decline over the Rs 219 crore net profit which the company posted in FY 2007-08. Increased input costs and a slowdown in demand are the two reasons quoted by the company, for the drop in profit.
Despite the drop in profit, Apollo Tyres has announced that it would be investing Rs 700 crore in FY 2009-10, about 90% of which would go towards the completion of its new manufacturing facility near Chennai. This new plant would have an initial capacity of 150 tonnes per day, expandable up to 450 tonnes per day.
[Via: indiaautomotive]