WASHINGTON (Dec. 12)—Indian tire maker Apollo Tyres Ltd. has secured International Finance Corp. financing for a $51 million radial truck tire project at Vadodara, Gujarat, and upgrading of existing facilities. IFC, the private sector lending arm of the World Bank, has arranged a $35 million support package for the two-year project; the World Bank unit will put up $20 million of the loan with the remaining $15 million syndicated to other banks, IFC said. The IFC´s support is testament to Apollo´s "pioneering efforts in introducing state-of-the-art radial technology in the truck tire segment," said Onkar Singh Kanwar, chairman of the Indian company. Apollo, which claims to be a leader in India's truck and bus tire market, also plans to increase capacity at its Perambra and Kalamassery plants, near Cochin in Kerala.
Apollo gets World Bank support for truck radial plant
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