Apollo Tyres to invest Rs 18 billion in Andhra Pradesh, India
Indian tyre maker Apollo Tyres will invest Rs 18 billion in Andhra Pradesh, India. The company has laid the foundation stone for the 7th manufacturing facility at Chinnapanduru Village, Chittoor district of Andhra Pradesh bordering the South-Eastern coast of India. The construction will begin in six months and the tyres are expected to start rolling out in two years. The company plans to start with manufacturing of passenger vehicle tyres in this facility and will, later on, expand to start producing other product categories as well.
Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation stone in the presence of Onkar S Kanwar, Chairman and Neeraj Kanwar, Vice Chairman and MD, Apollo Tyres Limited on January 9, 2018. Apollo Tyres has purchased 200 acres of land from the government and would be investing Rs 18 billion in the first phase.
“I am 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 too much more indirectly, in the first phase. The employment opportunity would further get increased when the company expands in the future,” said Chandrababu Naidu.
Apollo Tyres currently has four manufacturing facilities in India-two (including a leased facility) in Kerala and one each in Gujarat and Tamil Nadu. Outside India, the company has a manufacturing facility each in The Netherlands and Hungary.
“While planning for this state-of-the-art manufacturing facility, we have provisioned for the future capacity expansion requirements in India for the next five 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 Chandrababu Naidu’s vision of making Andhra Pradesh a ‘sunrise’ state”.