March 18, 2017 at 5:16 am / by HEMANT LAL
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Apollo Tyres has joined the club of companies setting up units in Chittoor district. The Andhra Pradesh government has issued an order allotting 266 acres in Chinapanduru village, Varadaiahpalem mandal at a cost of Rs 11 lakh per acre. The tyre manufacturing unit will also be given incentives.
The company will invest about Rs 4,000 crore in three phases to generate 14,000 direct and indirect jobs. In the first phase, the company will invest about Rs 525 crore with a potential to create employment for 450 people.
The company will be given 100% reimbursement on stamp duty, transfer duty and mortgage duty. The unit will also get uninterrupted power supply for full load of 40 MW. The government has also agreed to reimburse training cost of Rs 90,000 for manpower (6 months).