Apollo Tyres Ltd is the world's 7th biggest tyre manufacturer, with annual consolidated revenues of ₹172.76 billion (US$2.46 billion) in March 2018. It was incorporated in 1972. Its first plant was commissioned in Perambra, Thrissur, Kerala, India. The company now has four manufacturing units in India, one in Netherlands and one in Hungary. It has a network of nearly 5,000 dealerships in India, of which over 2,500 are exclusive outlets. It gets 69% of its revenues from India, 26% from Europe and 5% from other geographies. Apollo announced its entry into the two-wheeler tyre segment with contract manufacturing in March 2016. In November 2016, the company signed a MoU with the Government of Andhra Pradesh to set up a new factory in Andhra Pradesh to manufacture tyres for two-wheelers and pick-up trucks. The company's second plant in Europe, was inaugurated by the Hungarian Prime Minister, Viktor Orban, in April 2017. Apollo Tyres opens its first service centre in Malaysia.