Mumbai:Apollo Tyres on August 26 announced that it has successfully closed a €100 million (Rs. 226 crores) financing for three greenfield plants in Hungary.

The tire maker raised the debt from a consortium of international banks including ABN AMRO, Magyar Export-Import Bank Zrt.Raiffeisen Bank Zrt.Standard Chartered Bank and UniCredit Bank Hungary.

ABN AMRO Bank N.V. acted as the loan documentation agent and Raiffeisen Bank Zrt. He is a facility and security officer, the Gurgaon-based company said. K, Managing Director, Apollo Tyres, Hungary, “We thank our consortium partners for providing appropriate solutions to the specific financing needs of the project and facilitating its smooth implementation.” Prabhakar said.

Construction of the greenfield plant commenced in April 2015 with a total investment of 4.755 million euros. The first products are expected to be made in 2017. Launching early in the year, the plant will create around 10,000 jobs in the country.

The plant has an annual production capacity of 5.5 million passenger car and light truck tires and 675,000 tires for large commercial vehicles.

The plant will complement Apollool Tires’ existing facility in the Netherlands, where all tires under the Apolloo and Vrestein brands are marketed in Europe. The upcoming plant is less than 100 kilometers from Budapest, the capital of Hungary, and close to various OEMs that the company sees as potential customers.