Will invest up to Rs. 520 crore over the next five years; MoU signed with Government
CHENNAI: Leading tyre manufacturer Apollo Tyres will invest up to Rs. 520 crore over the next five years to set up a radial manufacturing facility in the Oragadam Industrial Park near Chennai.
On Monday, company chairman and managing director Onkar S. Kanwar signed a Memorandum of Understanding with the Tamil Nadu Government in the presence of Chief Minister M. Karunanidhi for acquiring 135 acres of land in the park.
Apollo Tyres intends to invest Rs. 300 crore in the first stage and hopes to complete the project in 24 to 36 months. The company, which already owns four plants in India, says the new unit will be used to make both truck and bus radials as well as high and ultra-high passenger car radials for domestic and export markets.
The Oragadam Park is 11 km from Sriperumpudur, that hosts facilities of auto giants such as Ford and Hyundai.
The Government expects the Apollo Tyres' facility to generate employment for about 2,000 people.
An official release said the project would strengthen Chennai's position as an auto and manufacturing hub.