Ceat Tyres signs MoU to set up Rs 4,000 crore plant at Kancheepuram

CHENNAI: Ceat Tyres has signed a memorandum of understanding with Tamil Nadu government to set up a Rs 4,000 crore tyre manufacturing company to manufacture tyres and allied products at Maduramangalam village near the industrial hub of Kancheepuram. The Memorandum of Understanding was signed in the presence of Tamil Nadu Chief Minister Edappadi K Palaniswami by Industries secretary K Gnanadesikan and Anant Goenka, Managing Director of CEAT. This comes in the wake of the State cabinet giving its nod for setting up the plant last week.

The investment will be spread over the next 10 years and will give direct employment to around 1,000 people, an official release said. The release said the State government is working towards making Tamil Nadu ‘Numero Uno’ State in industries sector. The investment comes in the wake of Tamil Nadu government planning to host the second edition of Global Investors Meet from January 23-24 next year and Rs 75 crore had already been allocated by the Chief Minister to conduct the event. 

Sources indicated that the State may be targeting an investment of `three lakh crore. The first edition of Global Investors Meet was held on September 9, 2015, wherein more than 800 global and domestic business delegates took part.It attracted more than 2.42 lakh crore worth of investment and a total of 98 memoranda of understanding were signed. However, till now, the State had got a commitment of `62,738 crore worth of investment.