Apollo Tyres Ltd will come up with a Rs 525-crore worth manufacturing unit in Chittoor district of Andhra Pradesh becoming the fourth state in the country to host the world’s 17th biggest tyre manufacturer. The preparations are going on full swing to lay the foundation stone in last week of September either on 25 or 28.
After signing an MoU with GoAP last year, the plant has been allotted 260 acres of land 30 km away from Sri City at Chinapanduru village, Varadaiahpalem mandal. It is expected to provide employment to 450 people initially. However, the manufacturer will invest about Rs 4,000 crore in three phases to generate 14,000 direct and indirect employment.
Apollo tyres has been given several incentives including tax exemptions and assurances from the government to get its plant up and running in Chittoor.
