Andhra Pradesh seems to go on a full throttle now, when it comes to attracting newer investments and projects onsite. The latest addition that is about to happen is none other than India’s leading wheel player, Apollo Tyres.
As per the latest reports, Apollo Tyres is planning to set up a new factory in Andhra Pradesh that will manufacture tyres for two-wheelers and pick up trucks.
The company intends to sign a memorandum of understanding to this effect with the CM Sri N Chandrababu Naidu in Delhi.
“Along with Q2 accounts, we have taken our board’s approval to acquire lands in Andhra Pradesh. We are signing an MoU with the Chief Minister of Andhra Pradesh today. After that, we will be able to share further details,”
Neeraj Kanwar, Vice-Chairman & Managing Director, Apollo Tyres, said recently while inaugurating company’s global R & D centre near Chennai.
Kanwar also gave subtle indications about what the company intends to do with its upcoming plant in AP. He said that the initial plans will be to expand their two-wheeler tyre capacity and make products for pick-up trucks. Looking at the growing traction in the auto industry, Apollo sees this as a promising move that will meet the rising demand for tyres.
The new unit of Apollo Tyres at AP will be set up with an investment of ₹500 crore and is likely to come up on the industrial corridor of Chittoor District.
Kanwar also shared with the media that Apollo’s factories are presently running at 85 per cent utilisation levels.
Source – Business Line