Group Michelin To Set UP $870 Million Truck Tyre Plant Near Chennai, India
- Group Michelin, India To Invest $870 Million in Truck Tyre Plant Near Chennai, India.
Group Michelin will build an $870 million truck tire plant in southern India in the coming two to three years, according to a memorandum of understanding signed today by Michelin and officials for the Tamil Nadu state government.
The plant, to be set up by Michelin India Tamil Nadu Tyres Ltd, will come up on 290 acres at the Gummudipoondi industrial estate near here and will roll out radial tyres some time in 2012.
Michelin is one of the world’s largest tyre manufacturers, operating 69 factories across 19 countries with a capacity to roll out 190 million tyres annually.
At the signing ceremony, Prashant Prabhu, President, Michelin Africa-India-Middle East, said, “I would like to express my deepest gratitude to the Tamil Nadu government for offering Michelin a gateway to this state and providing the project with the necessary infrastructure to commence operations here. It is also an honor for Michelin to be able to contribute towards the economic development of this State.”
“With the accelerating development of road and highways infrastructure and the number of ongoing road development projects, India is on course to offer customers the opportunity to extract the full value from radial tyres. We believe that India holds tremendous potential for the Michelin Group in terms of establishing a world class manufacturing facility.” Prabhu further added.
The manufacturing facility will focus on a range of radial truck and bus tyres. The plant will start operations in 2012 and will focus on the growing Indian market. The Memorandum of Understanding (MoU) in this regard was signed today by the Michelin management and the Tamil Nadu Government in the presence of Chief Minister Mr. Karunanidhi.
