Ceat inks pact with TN govt for Rs 4,000 crore unit

The manufacturing facility would come up at Maduramangalam village near the industrial hub Sriperumbudur, about 40 km from here, in neighbouring Kancheepuram district. 

An official release here said, the government, with a view to give fillip to industrial development and make Tamil Nadu the Numero Uno state, has been taking various steps that has attracted several investors to the state. 

In line with this, the government signed the MoU with tyre major Ceat Tyres, to set up a facility to manufacture tyres and allied products. The company would be investing Rs 4,000 crore over a period of ten years to set up the facility that would create employment opportunities for 1,000 people. 

The MoU was signed in the presence of Chief Minister Edappadi K Palaniswami and Deputy Chief Minister O Panneerselvam by Industries Secretary K Gnanadesikan and Ceat Tyres Managing Director Anand Goenka at the State Secretariat. 

Industry sources had recently said with the setting up of a manufacturing facility, indirect job creation in the area will be 3,000 apart from the 1,000 direct jobs. The signing of MoU comes in the backdrop of the State cabinet giving its approval for establishing the unit. 

According to the policy note tabled in the State assembly recently, the state government handled 19 major investment proposals totalling Rs 6,750 crore in 2017-18. 

Out of this, Rs 1,450 crore was realised through the MoU signed during the maiden Global Investors Meet which was formally inaugurated by the late Chief Minister J Jayalalithaa in September 2015.