Coronavirus lockdown: Apollo Tyres extends shutdown of plants till April 14
Apollo Tyres has said it has extended shutdown of its plants in Kerala, Gujarat and Tamil Nadu till April 14 due to the ongoing nationwide lockdown imposed to curb the spread of coronavirus pandemic.
On March 24, the company said in view of the lockdown, operations at its plants in Kerala (at Kalamassery and Perambra), Gujarat (at Limda) and Tamil Nadu (at Chennai) were shut down till March 31, 2020.
"The Indian government had announced a nationwide lockdown for 21 days from March 25, 2020 to stem the proliferation of Covid-19. In view of the said government directive, subject to any exemption given by the state government authorities during this period, the operations at our aforementioned plants will continue to shut down till April 14, 2020," Apollo Tyres said in a regulatory filing.
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Further, the company said, "Our overseas plant in Europe (at Hungary) is also closed due to the outbreak of Covid-19."
The employees and other staff in various offices continue to work from home, it added.
"The expected financial impact of the above is not ascertainable at this stage. The duration of this shutdown will depend upon directives to be further issued by the respective government authorities in this regard," Apollo Tyres said.
It will continue to closely monitor the situation and take appropriate action on the resumption of its operations as per regulatory guidance, the company added.