Apollo Tyres signs MoU with TN govt

Tyre manufacturer Apollo today signed a supplementary MoU with the Tamil Nadu government for increasing its investments in the state to Rs 2,100 crore as part of its greenfield project.

Considering the demand for the product, Apollo Tyres has decided to make a total investment of Rs 2,100 crore, a state government release here said.

With the additional investment the plant capacity would be increased to 6,000 truck and bus radial tyres per day along with 8,000 passenger car radial tyres per day, it said.

In this regard, a supplementary MoU was signed today between Apollo Tyres Chief (Projects) K Prabhakar and Industries department Principal Secretary Rajeev Ranjan in the presence of Deputy Chief Minister M K Stalin, it said.

In 2006, the tyre major had signed a MoU with the government to invest Rs 450 crore over a period of five years for setting up its greenfield facility to manufacture radial tyres for trucks, buses and cars.

The project would come up on 135 acre land at SIPCOT Industrial Centre at Oragadam near Chennai.

The proposed plant would provide direct employment to 1,100 persons while indirect jobs to 900, it said.