Following the path of investments and progress, Andhra Pradesh will now see the entry of one of the most popular tyre brands in the country. Apollo Tyres has officially laid the foundation stone for a Rs 1800 Cr factory to be set up in the Chinnapanduru village near Sri City.
The global Tyre brand that is reckoned for making time tested product will set up a 200 acre site in Chittoor.The foundation stone was laid by the honorable Chief Minister N Chandrababu Naidu in the presence of the Chairman of Apollo Tyres, Onkar S Kanwar. This facility promises to provide employment to 700 people after the initial pilot run.
The plan is to produce car radial tyres initially with a volume of about 5.5 million tyres per year, serving both domestic as well as export markets. The construction for the new plant will begin in the next six months, with plans to launch operations in a year’s span.
The Chairman shared few important plans at the time of foundation stone laying ceremony. Kanwar stated that five years ago, they were small players in the PCR segment, growing to become number 2 in the country. He vouched for Apollo’s strong supplies to the vehicle makers and after market demand. He confirmed that by the year 2016-17, the PCR segment accounted for 39% of the company’s revenues, totaling Rs 13,060 Cr.