Michelin group president Prashant Prabhu (left) exchanging documents with Principal Secretary M.F. Farooqui, in the presence of Chief Minister M. Karunanidhi and Deputy Chief Minister M.K. Stalin.
Renowed French tyre maker Michelin has signed a MoU to invest Rs4000 crore ($866million) in Tamilnadu to setup a state of the art tyre manufacturing unit here. It will come up at a SEZ in Gummidipoondi taluk of Tiruvallur district.
The MoU was signed at the Chennai secretariat on Monday in the presence of honourable Chief Minister M. Karunanidhi, Deputy CM, Mr. M.K. Stalin, and Prashant Prabhu, Michelin’s president (Africa-India-Middle East in the presence of M.F. Farooqui, Principal Secretary (Industries). The project was given the clearance more than a year ago but Michelin sought re-approval as it had modified its plans. The State Cabinet cleared the proposal two weeks ago. Nicolas Beaumont, Michelin-India Programme Director, K.S. Sripathi, Chief Secretary, and K. Gnanadesikan, Principal Secretary (Finance) were also present.
The state of the art facility would be spread over 290 acres, employ more than 1500 people and will come up at the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial complex. Michelin would invest the huge amount over a period of 7 years.
Mr. Prabhu told reporters that the plant would focus on radial truck and bus tyres. “It would start operations by 2012 and concentrate on the domestic market. With road and highway infrastructure development accelerating and a number of road development projects under way, the country would have a growing need for radial tyres, he said. India held tremendous potential for his group in terms of establishing a “world-class manufacturing facility.”
Mr. Prabhu thanked the state government for helping them setup a facility in Tamilnadu. He further added that it was an “honour” for the group to be able to contribute towards the economic development of the State.
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