Gujarat Apollo Industries has announced the introduction of a wholly owned arm named Apollo Maschinenbau in the Federal Republic Germany.

As per official sources, the company has the investment expenditure approximately Euro 3,000,000 over upcoming 15 months. Source added that this facility will create new products in addition to some of the existing products with a robust back up of labour intensive assemblies from India.

While maintaining focus on crushing as well as recycling machinery, this location will play significant role in present asphalt equipment as well. Apart from fortifying market reach into Western Europe, Russian and Former Yugoslavian territory, this newly introduced arm is also poised to increase the parent company's existing product line as well as customer segment. It is scheduled to be on stream by Nov. 15, 2009.

Shares of Gujarat Apollo closed down Rs 3.85, or 2.36%, at Rs 158.95. The total volume of shares traded on Bombay Stock Exchange (BSE) was 12,261 (Friday).