In a move that will bring in huge investment and consequent opportunities in Andhra Pradesh, leading tyre manufacturing company Apollo Tyres is planning to set up an all-new manufacturing facility in Andhra Pradesh. This investment would be of around 500 crores.
The manufacturing facility would be established to produce tyres for two-wheelers and pick up vehicles. As of now, the required tyres are being manufactured by way of a third party. However, the proposed plan of a new facility will require entering into a memorandum of understanding with Andhra Pradesh government which is likely to happen in New Delhi on today.
Apollo Tyres are seen making some big moves these days. Just this Wednesday, an R&D Centre for the company at Oragadam near Chennai was inaugurated. The new manufacturing facility is planned to be set up in Chittoor.