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Leading tyre manufacturer Apollo Tyres Limited
announced that it plans to invest Rs. 1800 crore for setting up a Greenfield
plant at Andhra Pradesh. The announcement was made during the foundation-stone-laying
ceremony of Apollo Tyres’ global scale mfg facility on Tuesday, 9 January.
Apollo Tyres has bought 200 acres land from
the Andhra Pradesh govt for this development. The construction will commence
within the next 6 months, and the tyres are likely to start rolling out from
this facility in the following 2 years.
Presently, Apollo Tyre has four production
plants, of these two are in Kerala and one in Gujarat and another one in Tamil
Nadu. This novel planned facility of Apollo Tyres Limited is located in
Chinnapanduru village, Chittoor district, in Andhra Pradesh.
The stock of Apollo Tyre Limited open on
Tuesday’s trade at Rs. 283 and touched day's high of Rs. 288.7, up 1.7% from
the previous close of Rs. 283.80. The stock closed at Rs. 284.95, up by Rs.
1.25 or 0.44 per cent at NSE.
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