Apollo Tyres to invest 442.2 million euros for new plant in Hungary.

Apollo Tyres plans to set up a new plant in Hungary at an investment of 442.2 million euros (about Rs. 3,450 crore) and the investment aid given by the country's government has been cleared by European Commission.

The project involves investments of 442.2 million euros and is expected to create over 975 now jobs. It is to be carried out in Gyongyoshalasz, in Northern Hungary, the commission said in a statement.

The European Commission has found that regional investment aid totalling 95.7 million euro to Apollo Tyres for the construction of a tyre plant in Gyongyoshalasz (Northern Hungary) is in line with EU state aid rules, it added.

ET