Sri city seems to be on a roll. And Andhra Pradesh too seems to be riding on this unprecedented success of this SEZ+ DTZ which is fast turning out to be India’s best manufacturing location. And the latest to propose a new manufacturing plant at Sri City is Apollo tyres.
Apollo Tyres today signed a Memorandum of Understanding with the Government of Andhra Pradesh to set up a state-of-the-art manufacturing facility. The company is looking at investing approximately Rs 525 crores. The Memorandum of Understanding was signed today by Sunam Sarkar, Director, Apollo Tyres and Kartikeya Misra, IAS, Director of Industries, Government of Andhra Pradesh in the presence of Shri N Chandrababu Naidu, Honourable Chief Minister, Government of Andhra Pradesh and Onkar S Kanwar, Chairman, Apollo Tyres.
Chandrababu Naidu said, “I am extremely pleased to announce this significant investment by Apollo Tyres to build a world class facility in Andhra Pradesh. Our endeavour to provide superior infrastructure and ensure full government support to companies has seen the state emerge at the top of the Ease of Doing Business index in the country.”
Onkar S Kanwar, Chairman, Apollo Tyres, said, “I would like to thank Shri Chandrababu Naidu Ji for the support offered to Apollo Tyres, and look forward to working with the State Government for the setting-up of our state-of-the-art manufacturing facility. ”
The proposed manufacturing facility will be the 5th plant for Apollo Tyres in India. It has two plants in Kerala and one plant each in the states of Tamil Nadu and Gujarat. The company has international manufacturing presence with a one plant in the Netherlands and another Greenfield facility currently being set up in Hungary.