Chief Minister Edappadi K Palaniswami on Wednesday inaugurated the Rs 1,400 crore tyre manufacturing plant of CEAT Tyres following the Memorandum of Understanding (MOU) signed with the firm. The manufacturing plant of the company has come up in Madhuramangalam village near Sriperumbudur.
Tamil Nadu, which is the automobile capital of the country is also the leader in tyre manufacturing as some of the leading tyre manufacturing companies such as MRF, TVS, Yoko Hama, Apollo Tyres, JK tyres, Michelin and so on are based in the state. “India’s 40 percentage of the tyres are manufactured in Tamil Nadu,” said Chief Minister Palaniswami. Tamil Nadu is one of the leading states in attracting investments and the Chief Minister credited the infrastructure development as the main reason for attracting huge investments. He also said that petrochemical industries would further reduce the tyre manufacturing costs as the important component required for manufacturing tyres, the Synthetic Rubber, is being imported from Malaysia.
He further appreciated the CEAT company for employing a large number of women in their plant. “CEAT Tyres have informed me that they will produce 30,000 car tyres per day for which they are employing 40 per cent of women in their plant. This is highly appreciable and I want to inform the company that the state government will extend all possible help, including the demand of supplying required water for the company,” said the Chief Minister.
Of late, several new industries are coming forward to invest in the state as recently, a petrochemical company has decided to setup a petroleum refinery plant in Cuddalore at the cost of Rs 50,000 crore and the Chief Minister inaugurated a research and development facility for Ford Automobiles at the cost of Rs 700 crore.