Chennai, Jun 30 (UNI) ATC Tyres Private Limited today entered into a Memorandum of Understanding with the Tamil Nadu Government for setting up a tre manufacturing unit at the Gangaikondan SIPCOT industrial park in the southern Tirunelveli district with an investment of Rs 400 crore.
Tamil Nadu Industries Secretary M F Farooqui and ATC Tyres Managing Director Ashok Mahancharia inked the pact, in the presence of Chief Minister M Karunanidhi and Chief Secretary L K Tripathi.
As per the agreement, ATC would invest Rs 300 crore in the unit in three years and the remaining Rs 100 crore in the next two years.
The unit would generate direct employment to 1,000 people and provide jobs to 800 others indirectly, an official release here said.
ATC Tyres was a joint venture between Yogesh Agencies and Investments, operating the Alliance Tyres of Israel, and Warburg Pincus, the US-based global leader in private equity business.
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