Apollo Tyres has stopped Bias and OTR tyre production at the manufacturing facility in Limda, Gujarat due to concerns amongst shop floor employees relating to renewal of long-term settlement agreement, the company announced through an exchange filing.
The company in the regulatory filing said it is in discussion and negotiations with the labour union representatives to address the concerns and find a resolution to the problem.
The company said, "The Company is dedicated to the welfare of its employees, the interests of its stakeholders and the continued stability of the organisation. While the Company is monitoring the situation closely, there are plans in place to mitigate any supply disruptions."
Apollo Tyres shares
The shares of Apollo Tyres on Wednesday closed at Rs 379, up by 1.59 per cent.
New Indian National Speed Endurance Record
TVS Motor Company, a manufacturer of two and three-wheelers globally, along with India’s leading tyre maker, Apollo Tyres Ltd, in July set a new Indian National Speed Endurance Record on TVS Apache RR 310 motorcycle shod with Apollo Alpha H1 tyres.
