The MoU is non-binding in nature and is subject to sanction of a customised
incentive package, infrastructure support including land and statutory approvals
under applicable laws by the Government of Tamil Nadu, the company said in a stock exchange filing.
The proposed project when implemented envisages an estimated investment of about Rs.5,300 crore over a period of 12 years and is expected to generate direct employment for approximately 1000 persons, it added,
Tamil Nadu accounts for nearly 40 per cent of India’s tyre production, with almost all major tyre manufacturers having a significant presence.
