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Apollo Tyres to invest Rs 1,800 cr on new plant in Andhra

Press Trust of India  |  New Delhi 

today said it will invest around Rs 1,800 crore on a new plant in Andhra Pradesh, the company's seventh facility globally, to cater to the rising demand for passenger vehicle tyres.

The foundation stone of the at district was laid by Chief Minister N Chandrababu Naidu.

The company said in a statement that it has purchased 200 acres of land for the facility and would be investing close to Rs 1,800 crore in the first phase.

"The construction will start within the next 6 months, and the tyres are expected to start rolling out from this facility in the following 24 months," it added.

The company said it plans to start with manufacturing of passenger vehicle tyres at this facility due to the growing demand in this segment and will expand later and start production of other categories as well.

said that while planning for the manufacturing facility, the company has provisioned for the future capacity expansion requirements in for the next 5 years.

The plant is expected to provide nearly 700 jobs and to many more indirectly in the first phase. More jobs would be created later when the project is expanded.

Apollo currently has 4 in -- two (including a leased facility) in the rubber-producing state of Kerala, and one each in and

Outside India, the company has a each in The and

Shares of were trading 0.63 per cent up at Rs 285.60 apiece on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 15:50 IST