 "Apollo Tyres to invest Rs 525 cr for setting up production plant in AP")
Apollo Tyres will invest approximately Rs 525 crores for setting up a production facility in Andhra Pradesh bordering the south-eastern coast of India. A memorandum of understanding to this effect was signed by the company with the government of Andhra Pradesh yesterday. The new facility will manufacture tyres for two-wheelers and pick-up vehicles, which is currently being manufactured by some third-party on behalf of Apollo tyres.
“I am extremely pleased to announce this significant investment by Apollo Tyres to build a world class facility in Andhra Pradesh. Our endeavour to provide superior infrastructure and ensure full government support to companies has been the state emerge at the top of the Ease of Doing Business index in the country,” said N Chandrababu Naidu, Chief Minister, Andhra Pradesh.
Onkar Kanwar, chairman, Apollo Tyres, added, "I would like to thank Chandrababu Naidu for the support offered to Apollo Tyres, and look forward to working with the state government for the setting-up of our state-of-the-art manufacturing facility."
The proposed manufacturing facility will be the fifth plant for Apollo Tyres in India. It has two plants in Kerala and one plant each in Tamil Nadu and Gujarat. The company has international manufacturing presence with a one plant in the Netherlands and another greenfield facility currently being set up in Hungary.
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