Apollo Tyres to invest Rs 525 cr in AP greenfield facility

Apollo Tyres will invest Rs 525 crore in the greenfield facility it would establish in Andhra Pradesh.

Recently, the tyre major entered into an agreement with the Andhra Pradesh government for a greenfield manufacturing plant.

As part of it, Apollo Tyres will get a host of concessions, including VAT/CST/SGST and power tariff rebate.

In November 2016, the company announced about its move to set up a manufacturing unit in AP for two- wheeler tyres and pick-up trucks.

The State Investment Promotion Board (SIPB), chaired by Chief Minister N Chandrababu Naidu, has approved reimbursement of 100 per cent VAT/CST/SGST for 20 years from the date of commencement of commercial production or up to realisation of 50 per cent of fixed capital investment, whichever is earlier.

Research Desk

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Welspun India (WIL) has opened its advanced textiles facility and made-ups facility

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