Apollo Tyres is planning to set up a greenfield tyre plant in Chinnapanduru in Chittoor district of Andhra Pradesh. The company will invest Rs 525 crore in its greenfield manufacturing plant. It expects to produce two-wheeler tyres and pick-up trucks. The company has entered into an agreement with the state government to set up the plant.
The State Investment Promotion Board (SIPB) has given its nod for reimbursement of 100 percent VAT/CST/SGST for a period of 20 years from the date of commencement of commercial production or upto realisation of 50 percent of fixed capital investment, whichever is earlier. The company plans to invest Rs 4,025 crore over three phases. The Andhra Pradesh Industrial Infrastructure Corporation has allotted 200 acre of land at Chinnapanduru in Chittoor district.