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.
“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.”
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