Apollo Tyres decides to reduce capex by Rs 400 crore over coronavirus

Apollo Tyres on Tuesday decided to cut capital expenditure by around Rs 400 crore for the year in India due to the pandemic. The company had initially planned around Rs 1,400-1,500 crore in India and about 20 million pounds for its European facility.

During an investors call, the company's CFO Gaurav Kumar said that the plan was to invest around Rs 1400-1500 crore for the current year, but it would be about somewhere between Rs 1,000-1,100 crore. Similarly, Apollo has taken a cut in European Operations as well, which now stands at 20 million pounds.

"This is a number which is as