Apollo Tyres to set up radial tyre unit in TN

New Delhi, Aug 7: Apollo Tyres Ltd today said it will invest a total of Rs 520 crore to set up a radial tyres manufacturing unit at Oragadam Industrial Park in Tamil Nadu.

''Apollo Tyres intends to invest, subject to necessary approvals wherever required, an amount in the range of Rs 300 crore in eligible fixed assets in Phase-I within three years, going upto Rs 450 crore - Rs 520 crore within five years'', the company said in a statement.

The company has executed a Memorandum of Understanding (MoU) with Tamil Nadu government for setting up the manuacturing facility for which government of Tamil Nadu has allotted 135 acres of land at Oragadam Industrial Park.

UNI