Apollo Tyres signed a supplementary MoU with the State Government on Tuesday for increasing investments to Rs.2,100 crore at its Oragadam plant.
According to an official release, Apollo Tyres had earlier in 2006 signed a memorandum of understanding with the government committing an investment of Rs.450 crore in the project over a period of five years and availed a package of support.
Enhancing plant capacity
Considering the demand for the product and encouragement from the government for industrial development in the State, the tyre manufacturer has decided to enhance the plant capacity to 6,000 truck and bus radial tyres per day along with 8,000 passenger car radial tyres per day with a total investment of Rs.2,100 crore.
Employment opportunities
The project, located in SIPCOT Industrial Growth Centre, would provide direct employment to 1,100 persons besides creating opportunities for indirect employment to 900 persons.
Signed by Rajeev Ranjan, Principal Secretary, Industries Department and K. Prabhakar, Chief (Projects), Apollo Tyres, in the presence of Deputy Chief Minister M.K. Stalin, the supplementary MoU has incorporated Apollo Tyre Limited's commitments to investment and employment generation and the State's revised package, the release said.
