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Apollo will invest a sum of Rs 5,000 crore on setting up the plant, including Rs 1,800 crore in the first phase, the Chief Minister announced on the occasion.
This would be Apollo's fifth tyre manufacturing plant in the country, he said, adding it would provide direct employment to 700 people.
A large number of indirect jobs would also be created, Naidu added.
"We are committed to attract industrial investments into the state. For this we are ready to provide efficient leadership. Focus on industrial growth will lead to growth of services sector as well," the chief minister said.
He said steps were afoot to make Andhra Pradesh an automobile hub.
A senior official of the industries department said the state government allotted 260 acres for the Apollo plant.
Industries Minister N Amarnath Reddy, Information Technology Minister N Lokesh, Industries Secretary Solomon Arokia Raj and other senior officials attended the event.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)