Apollo Tyres is all set to invest a whopping Rs 1800 crore on its new plant in the state of Andhra Pradesh. The plant, which will be the company’s seventh facility globally, will be aimed at meeting the growing demand for passenger vehicle tyres.
Andhra Pradesh Chief Minister Chandrababu Naidu laid the foundation stone for the plant in Chittoor district on Tuesday. Apollo Tyres Chairman Onkar S Kanwar, and Vice-Chairman and Managing Director, Neeraj Kanwar, were also present at the event.
It has also been learned that the company has purchased 200 acres of land for this particular facility and would be pumping in Rs 1800 crore for the same. The construction will, reportedly, begin within the next six months and the tyres are expected to roll out from the facility in the following 24 months.
The company has said that it will first start manufacturing the tyres for passenger vehicles in order to cater to the growing demand in this sector before expanding and manufacturing tyres for other sectors.
Chief Minister Chandrababu Naidu shared the news on his social media portals and informed that the plant, which will be the largest plant of Apollo Tyres, will provide an employment for a total of 1350 people.
The tyre manufacturing giant currently has four plants in India– two in Kerela and one each in Gujarat and Tamil Nadu. It has a factory each in the Netherlands and Hungary as well.
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