JK Tyre to invest Rs 1,600 cr in TN

JK Tyre has decided to set up a Rs 1,600 crore automotive tyre manufacturing facility in Tamil Nadu. According to an official press release, at meeting between the Vice-Chairman and Managing Director of JK Tyre, Mr Raghupati Singhania, and the Deputy Chief Minister of Tamil Nadu, Mr M.K. Stalin, the State Government has assured total support to the project. The project to come up near Chennai will generate over 1,000 jobs. Sources in the know said that the State Government has proposed a package of incentives for the project. The facility is to come up at Sriperumbudur, near Chennai, where 100 acres will be allocated to JK Tyre. Recently, the company had announced plans to invest Rs 800 crore in a new plant and R&D facility in a southern State and had shortlisted Tamil Nadu and Karnataka. A team of company officials had also met with Karnataka Government officials.

Source: Indiacar.com: Source : Business Line (Online Edition) (1/22/2010)