Apollo Tyres inks MoU with TN govt

Apollo Tyres inks MoU with TN govt

Chennai: Tyre manufacturer Apollo signed a supplementary memorandum of understanding (MoU) with the Tamil Nadu government for increasing its investments in the state to Rs2,100 crore as part of its greenfield project on Tuesday.

Considering the growing demand for the product, Apollo Tyres has decided to make the investment, a state government release said.

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

The supplementary MoU was signed between Apollo Tyres chief (projects) K Prabhakar and industries department principal secretary, Rajeev Ranjan in the presence of deputy chief minister MK Stalin, it said.

In 2006, the tyre major had signed a MoU with the government to invest Rs450 crore over a period of five years for setting up its greenfield facility to manufacture radial tyres for trucks, buses and cars.

The proposed project which would come up on 135 acre land at SIPCOT industrial centre at Oragadam near Chennai would provide direct employment to 1,100 persons and indirect jobs to 900, it added.