Apollo Tyres raises new plant investment to Rs.2,100 crore

January 11th, 2011 - 5:36 pm ICT by IANS  

Chennai, Jan 11 (IANS) Apollo Tyres signed a supplementary memorandum of understanding (MoU) with the Tamil Nadu government here Tuesday to scale up its investment in a new plant at Oragadam near here from Rs.1,650 crore to Rs.2,100 crore (about $460 million). Apollo Tyres initially planned to invest Rs.450 crore in the plant.

According to the state government, the company revised its investment plans so as to roll out 6,000 radial tyres for trucks and buses and 8,000 radial tyres for cars.

The supplementary MoU, incorporating the revised incentives offered by the state government to the company, was signed by Rajeev Ranjan, principal secretary (industries department), and K. Prabhakar, chief (projects) of Apollo Tyres, in the presence of Deputy Chief Minister M.K. Stalin.

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