Ceat Tyres has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for setting up a manufacturing plant in the State. The company plans to set up the facility with an investment of Rs. 4,000 crores.
The plant will come up at Maduramangalam village, near Sriperumbudur. The plant is expected to provide directly employment to 1,000 people and more than 3,000 people will be benefited by this plant.
The Tamil Nadu cabinet also decided to reimburse 50 percent State goods and service tax (GST) to the company.
The cabinet also proved construction of a Greenfield facility by PSA Peugeot Citroen at a total investment of around Rs. 2,000 crores. This facility will come up in Hosur and near Chennai.
@EPC World Media
