Apollo signs supplementary MoU

Apollo has signed a supplementary memorandum of understanding (MoU) with the Tamil Nadu government to scale up its investment in a new plant at Oragadam near Chennai, from Rs1,650 crore to Rs 2,100 crore. The company had initially planned to invest Rs 450 crore in the facility. It has now revised its investment plans so as to roll out 6,000 truck and bus radial tyres and 8,000 passenger car radial tyres per day.

This will generate 1,100 jobs directly and provide indirect employment to 900 more. 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.