Apollo Tyres is planning INR3bn ($54.27m) investment over the next two years in its Kalamassery facility in Kerala, India to turn it into an export-oriented unit to produce industrial tyres.
The manufactured tyres will be exported to Europe, South Africa and North American markets.
Apollo Tyres chairman Onkar Kanwar said, "We are in the process of setting up greenfield projects in Europe and also looking at Eastern Europe for tyre manufacturing."
The tyre maker is also planning a capital expenditure of INR 1.5bn ($27.13m) across its units in India this year.
Apollo Tyres has also plans to develop rubber plantations to meet the scarcity of natural rubber, and to further support its move, the company is exploring for plantations in South East Asia and Africa and considering acquisitions in Eastern Europe, mainly Poland.
Net profit the tyre maker rose 79% to INR1.38bn during Q1 2012 when compared to INR770m in the corresponding quarter a year ago.
