Investment of Rs 1800 cr for phase 1 of Apollo Tyres plant in Andhra
Foundation stone laid for Apollo Tyres 7th manufacturing facility globally. Company looks to invest Rs 1800 crores in first phase of development.
N Chandrababu Naidu, Honourable Chief Minister, Govt of Andhra Pradesh (AP) today laid the foundation stone of a new Apollo Tyres plant, an ultra modern global scale manufacturing facility at Chinnapanduru village, Chittoor district, Andhra Pradesh.
Apollo Tyres is investing about Rs 1800 crores in the first phase. Land for the 200 acre manufacturing plant was purchased from the AP Govt. Construction will commence within next 6 months. Tyre manufacturing should roll out in the following 2 years at the Andhra Apollo Tyres plant. Work will begin with passenger vehicle tyres to meet market demand. The scope of manufacturing will be expanded to other product categories too.
N Chandrababu Naidu, Chief Minister, Govt of Andhra Pradesh said, “I am very delighted to have Apollo Tyres, the Indian multinational, after setting its world-class facilities in Chennai and Hungary recently, now setting-up a state-of-the-art manufacturing unit in Andhra Pradesh. This will provide direct jobs to nearly 700 people and to many more indirectly, in the first phase. The employment opportunity would further get increased when the company expands in the future.”
Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “While planning for this state-of-the-art manufacturing facility, we have provisioned for the future capacity expansion requirements in India for the next 5 years and more. We are thankful to the AP Govt for excellent cooperation received from them so far, and are confident of getting the same going forward as well towards the smooth construction and management of this facility. As a responsible corporate, we would be more than happy to contribute towards Shri Chandrababu Naidu’s vision of making Andhra Pradesh a ‘sunrise’ state.”
Apollo Tyres alreay operates four manufacturing facilities in India: two (including a leased facility) in Kerala, one in Gujarat, and one in Tamil Nadu. They also have a manufacturing facility each in The Netherlands and Hungary.