One of world's leading tyre companies Michelin Group on Monday announced a truck and bus radial tyre manufacturing plant, 50 km north of Chennai to be set up with an investment of Rs 4,000 crore. The plant will be spread over an area of 290 acres and will absorb 1,500 workers locally.
The company on Monday signed a Memorandum of Understanding with the Tamil Nadu government.
"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," said Prashant Prabhu, President, Michelin Africa-India-Middle East.
The plant will start operations in 2012.