Main sponsors of Apollo are Mr. Onkar Singh Kanwar (a second generation entrepreneur) and associates, who own 39% of Apollo. Apollo is publicly listed on the major stock exchanges of India and other shareholders of Apollo comprise financial institutions and mutual funds (16%), Indian public (17%), Foreign Institutional Investors and NRIs (26%) and governments (2%).

Total project cost is estimated at US$515 million. IFC is proposing a financial package of US$ 60 million comprising both an A loan on IFC’s own account and B loans syndicated from participants.

30.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity

* These investment figures are indicative

The greenfield tyre manufacturing facility is located at the State Industries Promotion Corporation of Tamil Nadu (“SIPCOT”) industrial park at Oragadam, near Chennai in the state of Tamil Nadu, India. SIPCOT is promoted by the state government of Tamil Nadu. Apollo is also implementing smaller capital expenditure programs at its existing facilities at Limda (state of Gujarat).

The greenfield project will result in the creation of about 1,500 skilled and semi-skilled direct, permanent jobs and an additional 2,000 jobs during the construction phase. The Project will also result in establishment and development of new Small & Medium Enterprise (“SMEs”) in the supply chain.

IFC’s additionality consists of:

Partnering with Apollo to strengthen the company’s Corporate Social Responsibility activities to build sustainable business models. IFC had earlier supported Apollo in its anti-AIDS/HIV campaign.
mobilizing investments from participant banks, in addition to IFC’s investments of its own account

This is a Category B project according IFC’s Procedure for Environmental and Social Review of Projects.

Key E&S issues associated with this investment include: adequate social and environmental assessment of the impacts of the Project during both construction and operations; the Company’s capacity to manage its social, environmental, health and safety performance, and engage with local communities in accordance with local requirements and IFC Performance Standards and EHS Guidelines; assurance of fair, safe and healthy working conditions during construction and operations; utilization of equipment and operational practices that maximizes conservation of energy, water and process materials including recycling and reuse initiatives; management of air emissions, wastewater treatment and discharge, and solid and other waste disposal; handling and management of hazardous materials and hazardous wastes; management of the impacts of the influx of construction labor, the impacts of operations on local ambient air quality, and impacts on transport infrastructure during construction and operations.

Further details on the potential environmental and social impacts of the project, corresponding mitigation measures and guidance on how and where information about the project can be obtained are provided in the IFC Environmental & Social Review Summary and Environmental & Social Action Plan.