NEW DELHI: Apollo Tyres will invest Rs 5.25 crore to set up a manufacturing plant in Sri City, Andhra Pradesh, to produce 3 million tires per month.

The company today announced that it has signed a Memorandum of Understanding (MOU) with the Andhra Pradesh government for the construction of the plant and plans to hold the foundation stone laying ceremony in January next year and start production “within a year”.

This will be Apollo Tires’ fifth plant spread over 2,500+ acres to manufacture motorcycle and scooter tires.

Apollo Tires chairman OS said, “We will start breaking ground in January and start production within a year.” Kanwar said.

He added, “This amounts to a foreign direct investment in Apollo Tyres Holdings (Singapore) Pte Ltd, one of its Singapore subsidiaries.”

In addition, the Apollo Group is also planning to invest in hospitals, logistics and other sectors in Singapore.

“We are planning to set up a hospital in Amravati, the capital of Andhra Pradesh. Also, we are looking at logistics and we have another hospital called Apolloo LogiSolutions Kanwal said of the company,”.

Apollo’s MoU with the state government was signed in the presence of Andhra Pradesh CM N Chandrababu Naidu.

Naidu said, “I am delighted to announce that Apollo Tyres will be making a major investment to build a world-class plant in Andhra Pradesh.” .

He also said that the Andhra Pradesh government will continue its mission to provide the best infrastructure companies with the ability to excel in the most convenient conditions. Business Index.

Apollo Tyres has two plants in Kerala and one plant in Tamil Nadu and Gujarat.

The company has an international manufacturing operation and another plant in the Netherlands and Hungary.