Apollo Tyres has hired a specialist to restructure its operations in South Africa.
A company spokesman told Press Trust of India: “Apollo Tyres Africa has voluntarily initiated business rescue proceedings, and has appointed a specialist to restructure its operations and to secure the best value for all stakeholders.
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“This move by the company, has been prompted by the uncompetitive cost structure in the South African market, along with the continuous labour unrest and related issues.”
