Tyre major Apollo inks new investment deal with Tamil Nadu Government

The northward bound trend in the automotive industry has give life to a range of activities in the past three months. It has been a bitter sweet period for the tyre manufacturers who have seen prices of rubber fluctuating wildly in all directions to a level where they had to even import the material,  and all this was happening despite the growth in demand.

Apollo tyres, which ranks 15th on the list of global leading tyre manufacturers, can’t be quiet for long in these ideal conditions. It has been widely reported that Apollo India has inked a new Memorandum of Understanding with government of the southern most state of Tamil Nadu, with the overall intent to increase the levels of investment to Rs 2,100 crores, as an integral part of its Greenfield undertaking.

While taking the demand of the product into consideration, the management has decided to increase the investment level to Rs 2,100 crores. The additional pumping of investment will directly result in the increase in production level, the bus and truck radial tyres per day will touch the 6000 mark coupled with the catapulting of the car radials to 8000 tyres per day.

Apollo has previously signed a Memorandum of Understanding with the state government of Tamil Nadu in the year 2006, to invest around Rs 450 crores across a period of 5 years. This deal was inked for setting the Greenfield project to manufacture tyres for cars, trucks and buses. The new project will consume a land of 135 acres near the capital city of Chennai. Other benefits that would accrue directly by this project is employment. The job market that this project is expected to create is 1,100 direct and 900 indirect jobs.

One thought on “Tyre major Apollo inks new investment deal with Tamil Nadu Government

  1. I didn’t know what drawn me towards this new article. May be because of the brand name or maybe because of your writing style.
    Hmm good to know that the appollo tyres is on 15th rank according to it’s manufacture but tht is globally so it’s not a small honour it is as big as you can’t even think of…
    I don’t get one thing why all the manufacturing palnts related to the automobiles are going to the southern states. Like recently I heard that one of the automobile company ha assigned a MoU with the southern government and now this…
    Anyways tht is not my cponcern ..
    And OMG they are expanding their business to Rs 2100 crores … u kidding me… seriously…
    I wonder very soon which ever tyre I’ll see will be manufactured by the Appollo Tyres… lol

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.