Chittor Sept 21: Apollo Tyres A leading tyres manufacturing industries in India will soon set up a plant in Chittoor district of Andhra Pradesh and foundation stone may be laid soon.
sources say that Chief Minister Nara Chandrababu Naidu will the lay foundation for the construction of the Rs 525-crore unit, which will manufacture two-wheeler and other vehicles tyres.
The company has entered into MoU with Andhra Pradesh Government last year for installation of the manufacturing unit.The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) allotted 260 acres land at China Panduru village 30 km from Sri City, industrial hub. of Chittoor district.
The company officials and district administration are consulting higher officials for laying the foundation in the last week of this month. The manufacturing plant provides employment to 450 persons initially.
The AP government has assured the Apollo Tyres for the tax exemptions and announced sops for installation of the plant and running the industry.
The company got assurance on the supply of adequate water, power, and exemption from taxes on registration of land. The company had already set up plants in Kerala, Tamil Nadu, and Gujarat. Andhra Pradesh is the fourth state in India to get the plant.