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Apollo Tyres to set up Rs 525-cr unit in Chittoor
Apollo Tyres, one of the leading tyres manufacturing industries in the country, is gearing up for laying foundation for setting up a plant in Chittoor district of Andhra Pradesh on September 25 or 28.
Vijayawada: Apollo Tyres, one of the leading tyres manufacturing industries in the country, is gearing up for laying foundation for setting up a plant in Chittoor district of Andhra Pradesh on September 25 or 28.
Chief Minister Nara Chandrababu Naidu will the lay foundation for construction of the Rs 525-crore unit, which will manufacture two-wheeler and other vehicles tyres. Apollo Tyres entered into MoU with Andhra Pradesh Government last year for installation of the manufacturing unit.
The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) allotted 260 acres land at China Panduru village of Chittoor district. The village is about 30 km from Sri City, industrial hub.
The proposed unit will come to Andhra Pradesh with the tireless efforts made by Andhra Pradesh State Investment Promotion Board (SIPB), which is headed by the Chief Minister. The company officials and district administration are consulting higher officials for laying the foundation in the last week of this month. The manufacturing plant provides employment to 450 persons initially.
The AP government has assured the Apollo Tyres for the tax exemptions and announced sops for installation of the plant and running the industry. The company got assurance on supply of adequate water, power and exemption from taxes on registration of land. The company had already set up plants in Kerala, Tamil Nadu and Gujarat. Andhra Pradesh is the fourth state in India to get the plant.
