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Michelin to invest Rs.4,000 crore in new plant near Chennai
Written by Vivek   
Tuesday, 17 November 2009
Chennai: The Michelin Group signed an agreement with the Tamil Nadu government on Monday to invest Rs 4,000 crore in setting up a manufacturing facility on 290 acres at the Gummudipoondi industrial estate in Thiruvallur district, Tamil Nadu.

The facility will produce truck and bus radial tyres and is expected to provide employment to 1,500 people. The plant is expected to start its operations in 2012.

M.H.Farooqui, Tamil Nadu industries secretary, exchanged the MOU with Prashanth Prabhu, President (Africa-India-Middle East) Michelin, in the presence of Tamil Nadu Chief Minister M.Karunanidhi on Monday.

The company will invest the Rs 4,000 crore over a seven year period.

Depending on the progress of the project and market demand, the company will make an additional investment of Rs 7,000 crore over a period of three years, after the completion of the initial funding.

 
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