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Apollo initiates rescue operations in South Africa

Apollo Tyres Africa Proprietary Limited, a wholly owned step subsidiary of Indian tyre major Apollo Tyres Ltd in South Africa, has voluntarily initiated Business Rescue Proceedings.
In a filing to the Bombay Stock Exchange, the company said that it has appointed a specialist to re-structure its operations and to secure best value for all stakeholders.
The evaluation by such specialist will decide the future course of action for the company in South Africa, added Apollo Tyres.

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