International Finance Corporation (IFC) is likely to invest $60 million
(approx Rs 270 crore) in Apollo Tyres' greenfield manufacturing plant coming up
at the State Industries Promotion Corporation of Tamil Nadu's industrial park at
Oragadam in Chennai.
The new plant to manufacture exclusively truck, bus and car radial tyres is
likely to commence operations by the first quarter of FY2011.
In November 2009, Apollo Tyres had raised its investment in the Chennai
facility to Rs 2,000 crore, against its earlier commitment of Rs 500 crore. The
initial capacity is planned to be 110 tpd, which is to be scaled up to 440 tpd
by 2013.
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