Apollo to set up Rs 525-crore plant in Andhra Pradesh
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Posted on:12 Nov 2016 09:39:58
12 November 2016 Current Affairs: Apollo tyres will invest Rs 525 crore to set up a manufacturing facility at Sri City, Andhra Pradesh, with a capacity to roll out 3 million tyres per month.
The company, signed a memorandum of understanding with Andhra Pradesh government for the plant, said it would have ground breaking ceremony in January next year and the production would start .
This would be the fifth plant of Apollo Tyres which would be spread in 250 acres and would produce tyres for motorcycle, scooters and pickups.
This would be like an FDI investment by one of our Singapore-based subsidiary company (Apollo Tyres Holdings (Singapore) PTE Ltd.
Besides, Apollo group has plans to invest in other sectors like hospitals and logistics in the state.
The MoU between Apollo and the state government was signed in the presence of Andhra Pradesh CM N Chandrababu Naidu.
Apollo Tyres has two plants in Kerala and one plant each in Tamil Nadu and Gujarat.The company has international manufacturing presence with one plant in the Netherlands and another facility being set up in Hungary.
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