"Our goal is to create a production capacity of model value, this will be the most modern factory of the company," said Onkar S. Kanwar, President and CEO of Apollo Tires at the laying of the foundation stone of the pearl fishery. He also emphasized that social responsibility is important for the company, they would also like to participate in environmental protection, education or workforce training projects in Hungary.
"In the world of Apollo Tires, the pearl fishing factory will be the Blue Roof," he noted.
The Hungarian factory of Apollo Tires is being built as part of a green field investment in Gyöngyöshalász, with an investment of around HUF 146 billion. By the way, the Hungarian government provided HUF 16 billion in direct cash support for the investment.
The pearl fishing factory, which will start in 2017, will produce 5.5 million tires for passenger cars and light trucks, as well as 675 thousand for buses and trucks. The world's 17th largest tire manufacturing company operates with 16,000 employees worldwide. It operates four factories in India and the Netherlands, and three in South Africa. In its most recent financial year, the company achieved a turnover of 1.64 billion euros.
Hungary will start as their second European factory. Apollo and Vredestein brand tires will also be manufactured in its existing facility in the Netherlands, for the European market, which includes Russia and Turkey, to which Apollo sells 250 million tires annually.
"It won't take more than 4-5 years and the world around us will change completely. If any nation wants to remain competitive, it must become part of modern technologies," said Viktor Orbán.
The prime minister also talked about the Indian rubber factory investing in one of the fastest growing European countries. "This development is not just a business opportunity, but the largest investment in the region. Joint success can open doors to the world and attract new investors."
The groundbreaking ceremony ended with a Hindu ritual, the breaking of a coconut. In India, this is a tradition when starting a construction project, during which harmful forces are destroyed.