The company is wholly owned by Apollo Tyres Ltd of India. The Company was acquired in 2006. Apollo Tyres is a leading Indian tire company and is listed on the National Stock Exchange of India Ltd., Bombay Stock Exchange Limited and Cochin Stock Exchange.

The total project cost is estimated at R228 million ($31.4 million). The proposed IFC investment is a R75 million ($10.4 million) A loan for IFC’s own account.

21.84 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	21.84
Equity

* These investment figures are indicative

The company is headquartered in Durban. The project site is at the company’s plant in Ladysmith approximately 450 km south east of Johannesburg.

The project will allow the company to increase domestic tire supply, maintaining the competitive market dynamics, with benefits to consumers, and to increase exports, earning the country an additional foreign exchange. The project will provide increased tax revenues to government.

IFC’s support for the project is a continuation of its support for Apollo Tyre’s growth into a global tire company, supporting the company in unfamiliar markets in Africa. IFC will provide its business edge product to help develop the company’s SME tire distribution chain.

This is a Category B project according IFC’s Procedure for Environmental and Social Review of Projects. Key environmental and social issues associated with this project include: adequate social and environmental assessment of the impacts of the project during both construction and operations; implementation and scope of existing environmental and occupational health and safety management systems, engagement with local communities in accordance with local requirements and IFC Performance Standards; assurance of fair, safe and healthy working conditions during construction and operations; opportunities to enhance energy efficiency and the use of natural resources 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; the impacts of operations on local ambient air quality, and life, fire and safety, including emergency preparedness and response.
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 are provided in the IFC Environmental & Social Review Summary.