Michelin inks pact for factory in Chennai

France’s Michelin, the world’s second largest tyre manufacturer, signed a memorandum of understanding with the Tamil Nadu government on Monday to set up a factory near Chennai. The project would attract Rs 4,000 crore investment over the next seven years.

The tyre major got Foreign Investment Promotion Board clearance in July for establishing a wholly-owned subsidiary and planning a manufacturing facility, plus a nod for investing up to Rs 11,000 crore in the country.