Apollo Signs Chennai MoU as Million Milestone Reached
Less than ten months after entering commercial production Apollo Tyres’ Chennai facility has produced its millionth passenger car tyre. The milestone tyre, an Acelere in size 185/65 R14, rolled off the production line on the evening of January 17 – one of some 7,000 PCR tyres and 1,300 TBR tyres manufactured that day.
Commenting on the occasion, Apollo Tyres’ chief of India Operations, Satish Sharma, said “the Chennai team has done a very commendable job in a short span of time. However, this is just the start of our journey in Chennai. We are confident of achieving many such milestones along the way.”
Another step forward in the Chennai ‘journey’ was taken January 10 with the signing of a supplementary memorandum of understanding (MoU) between Apollo Tyres and the State Government of Tamil Nadu, increasing the planned investment in its Chennai greenfield facility to Rs 21 billion (₤286.7 million) and providing a commitment to provide employment to over 2,000 people. This is a revision from the original MoU signed in August 2006, which committed Apollo to an investment of Rs 4.5 billion within a five year period and the most recent planned investment of Rs 16.5 billion. According to a press released published by the Tamil Nadu government, Apollo has revised its investment plans to lift daily PCR and TBR capacity to 8,000 and 6,000 units respectively.
The supplementary MoU was signed by Rajeev Ranjan, principal secretary (industries department), and K. Prabhakar, chief (projects) of Apollo Tyres, in the presence of Deputy Chief Minister M.K. Stalin.
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