APOLLO SLAPPED WITH HEFTY FINE FOR MISCLASSIFICATION
Article Abstract:
The central excise department has sent a demand notice of Rs12 crore and a penalty of Rs13 crore to Apollo Tyres for alleged misclassification of commercial vehicle tyres as tractor trailer tyres. The excise department claims that the company has evaded duty of Rs12.69 crore by misclassifying the tyres between February 2, 1992 93 February 7, 1996. Penalties have also been imposed on senior executives of the company for the alleged misclassification. The vice-chairman and managing director has been fined Rs10 lakh, the president Rs3 lakh and the vice- president (technical) Rs2 lakh along with varying amounts on other senior executives. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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MAX GB SETS UP 1000 TPA AMOXYCILLIN PLANT IN PUNJAB
Article Abstract:
Max GB Ltd (MGL) has set up a single stream bulk amoxycillin facility with a capacity of 1,000 tonnes per annum (tpa) in Tonsa, Punjab. MGL is a 50:50 joint venture of Max India and Gist Broacades (GB) of Netherlands. It was inaugurated on March 18, 1999. It has been set up at a cost of Rs40 crore. It is the largest amoxycillin producer in India. It is likely to export 50 percent of its production. Indian market for amoxycillin is projected at 900 tpa and is increasing at a rate of 10-12 percent per annum. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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APOLLO TYRES PLANS TO SET UP Rs125-CR PLANT IN PUNJAB OR AP
Article Abstract:
Apollo Tyres is thinking of setting up a greenfield tyre production unit in Andhra Pradesh or Punjab with an investment of Rs125 crore. The company now has two units in Kerala and one in Gujarat. Its capital expenditure will increase to Rs210 crore in the next two years as it also plans to increase capacities at its Gujarat unit. The company has a total installed capacity of 70,000 truck tyres at its Kerala units and 55,000 tyres at its Gujarat unit. (khr)
Comment:
Is thinking of setting up a greenfield tyre production unit in Andhra Pradesh or Punjab with an investment of Rs125 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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