11434 - Apollo Tyres

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Summary of Proposed Investment

Project Number

11434

Company Name

APOLLO TYRES LIMITED

Date SPI Disclosed

May 28, 2002

Country

India

Industry

Manufacturing

Projected Board Date

Jun 28, 2002

Status

Completed

Sector

Automotive Tires

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Jun 28, 2002
Signed : Dec 11, 2002
Invested : Mar 28, 2003

Project Description

ATL is India’s second largest in sales and amongst the top 20 tire manufacturers in the world. The company has undertaken a corporate investment program of US$51 million which comprises (i) setting up a truck radial tire plant at its Baroda facility, (ii) marginal expansion at other plants, (iii) maintenance capital expenditure at each of its plants, and (iv) debt refinancing.

Through IFC investment, ATL will be able to access long term financing to implement this project. IFC is helping ATL to introduce best corporate governance practices in its operations.

IFC’s investment will have significant development impact as it will help a leading tire manufacturer in India to maintain its leadership position by modernizing its product range. IFC is also encouraging the company to increase its social investment layouts for the benefit of communities around its plant locations.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity

Development Impact

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects, because a limited number of specific environmental and/or social impacts may result which, can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
Location of environmental documents In locally affected community
The ERS will be disclosed at the company''s manufacturing facility in Baroda.

Contacts

For Inquiries About the Project, Contact

Satish K Mahajan
Head-Corporate Finance
Apollo House
7, Institutional Area
Sector-32
Gurgaon 122 001
INDIA

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

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