Hungary gets EU nod to give $123.9 million aid to Apollo Tyres

Hungary secured European Union regulatory approval on Monday to grant 95.7 million euros ($123.9 million) in aid to Apollo Tyres to build a tyre plant in the north of the country.

Hungary is offering a direct grant of 48.2 million euros, an employment grant of 2.8 million euros and tax allowances of about 44.7 million euros to Apollo Tyres for the new facility which will create 975 jobs.

The European Commission said the Hungarian support complies with EU state aid rules and would boost regional development.