Indonesian group to invest Rs 1000 cr for making tractors in TN
The Times India, Chennai â€“ 12/02/2011
Indonesia's Polysindo Texmaco group is setting up a Rs 400-crore tractor manufacturing plant in Nilakottai in Dindigul district in southern Tamil Nadu.Sundareshwara Alloy and Steel, part of the Indonesian group will also set up a tractor component manufacturing plant at Gangaikondan, inTirunelveli district. The group is in talks with Tamil Nadu government for its new facilities. The proposed plants will come up with acumulative investment of Rs 1,000 crore, MK Stalin, Deputy CM of Tamil Nadu, said while inaugurating Apollo Tyres plant in Oragadam, near Chennai.Besides, a European car maker is in the final stages of negotiation for a Rs 4,000 crore plant with a capacity of 3 lakh cars a year, hesaid, without naming the company.
It is learnt that Peugeot-Citroen is close to finalising its India plans and might locate its plant in Chennai.Stalin said Mahindra and Mahindra is likely to enter into a MOU, with the state government for establishing a plant, with productioncapacity of 1.50 lakh cars and sports utility vehicles in Cheyyar in Tiruvannamalai district. This will entail an investment of Rs 1800 crore.
According to official estimates Chennai region alone will have production capacity of about 22 lakhs vehicles annually.The construction work at the Apollo Tyres greenfield facility, was started in 2008 with an investment of Rs 520 crore which was sincescaled up to Rs 2100 crore. The plant currently produces 7,000 passenger vehicle tyres and 1,300 commercial vehicle tyres a day.