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Hero Motors to set up Rs.1,600 cr plant in Chittoor
Hero Motors to set up Rs.1,600 cr plant in Chittoor, As per the agreement, Hero will invest in the Rs 1,600-crore in the plant which will come up near Sri City Special Economic Zone in Chittoor district.
Enters MoU with state government for land allotment
Hyderabad: At last, Andhra Pradesh has got its first automobile plant, albeit, after bifurcation. India's biggest two-wheeler manufacturer Hero Motors Ltd on Tuesday signed a MoU with the Andhra Pradesh government for setting up its manufacturing plant in Chittoor district.
Fructifying the government’s efforts to bring in huge investments, especially into automobile sector, the company will establish a state-of-art, ultra modern and energy efficient plant, which will have in phases an annual capacity of 1.8 million vehicles. The MoU is signed by the company’s representative Rakesh Vashisht and state’s Principal Secretary (Industries) JS Venkateswara Prasad signed the MoU in the presence of the Chief minister N Chandrababu Naidu at a function here.
As per the agreement, Hero will invest in the Rs 1,600-crore in the plant which will come up near Sri City Special Economic Zone in Chittoor district. Further, the official said that about Rs 1,500 crore worth of ancillary units are expected to come up around. Further, the government allotted 600 acres of land for the plant.
Speaking on the occasion, AP chief minister N Chandrababu Naidu said that his government would extend all assistance to complete the project early, which is expected to be completed in 18 months, and will provide direct employment to about 3,000 people. Naidu said that he who made all out efforts to bring the German car maker Volkswagen during his stint as Chief Minister in the undivided state. But, unfortunately later the Congress government brought disrepute to the state, owing to its corrupt practices resulting in the withdrawal of the project from the state.
