INDIA Michelin, the world’s largest tyre company, announced on Monday that it would invest Rs40bn ($874m, €580m, £517m) to set up its first Indian manufacturing facility in Chennai, the country’s automotive hub.
The new plant, which will construct radial tyres for trucks and buses, will spread across 290 acres in the south Indian state of Tamil Nadu. The facility is expected to boost local employment as at least 1,500 people will be recruited by the time production starts in 2012, the company said.
