Apollo Tyres Increases Its Investment Quantum in AP

Apollo Tyres Previously offered to invest 1000 Crore in its new facility planned in Andhra Pradesh. The state government had allotted 200 acres of land in Chittoor district. The investment is delayed until now due to some inhibitions of the company.

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The state government finally resolved everything and the company now sought 60 acres of additional land right beside the existing land. The company offered to increase the investment quantum to 4500 Crore which is very huge.

The government has to okay this additional land allotment. Andhra Pradesh government is charging 11 Lakhs per acre from the company for the land allotted. The state government has also extended various other incentives to the company for this investment.