Apollo Tyres says it has closed EUR300m (US$338m) financing for its greenfield plant in Hungary.

An international consortium of banks consisting of ABN Amro, Magyar Export-Import Bank, Raiffeisen Bank, Standard Chartered Bank and UniCredit Bank Hungary, supported the company and provided debt financing.

ABN Amor acted as documentation agent on the facility and Raiffeisen Bank was the facility and security agent.

With a total investment of EUR475m, the construction of the greenfield plant began in April, 2015.

The first product is expected to roll out in early 2017 and the facility will create around 1,000 jobs in the country.

“The Hungary facility will be a state-of-the-art plant and once completed, will have a capacity to produce 5.5m passenger car & light truck (PCLT) tyres and 675,000 heavy commercial vehicle (HCV) tyres per annum.

“This facility will complement Apollo Tyres’ existing facility in the Netherlands, bringing the whole range of Apollo and Vredestein branded tyres to the European market.

“This upcoming plant is located less than 100km from Budapest and meets the needs of Apollo Tyres, including having close proximity to various OE manufacturers as potential customers.”