Apollo Tyres Ltd. will invest 5.25 billion rupees ($78.7 million) to build a tire plant in Andhra Pradesh, India. The plant will be the company's fifth in India, joining two facilities in of Kerala and one each in Tamil Nadu and Gujarat.
Apollo also has a tire manufacturing facility in The Netherlands and another greenfield facility being set up in Hungary.
Sunam Sarkar, director of Apollo Tyres, and Kartikeya Misra, IAS, director of industries for the state of Andhra Pradesh, signed a Memorandum of Understanding in the presence of Shri N Chandrababu Naidu, honourable chief minister for Andhra Pradesh, and Onkar S Kanwar, chairman of Apollo Tyres.
The state-of-the-art manufacturing facility will border the southeastern coast of of the state.
"I would like to thank Shri Chandrababu Naidu Ji for the support offered to Apollo Tyres, and look forward to working with the State Government for the setting-up of our state-of-the-art manufacturing facility," said Kanwar.
"Our endeavour to provide superior infrastructure and ensure full government support to companies has seen the state emerge at the top of the Ease of Doing Business index in the country,” said Chandrababu Naidu."