ATC Tires Private Ltd. has been jointly floated by Yogesh Agencies & Investments Ltd., and Warburg Pincus, a US-based Fund and a global leader in private equity industry, for setting up a tyre manufacturing facility in SIPCOT's Industrial Park at Gangaikondan in Tirunelveli district. This company has been formed by them after taking over Alliance Tire Company Ltd., Israel, with more than 50 years of experience in developing and manufacturing a wide range of tyres.
A memorandum of understanding (MoU) for setting up the tyre project was signed by Mr. M.F. Farooqui, Secretary to the Tamil Nadu Government, Industries Department, and Mr. Ashok Mahansaria, Chairman & Managing Director, ATC Tires Private Ltd., in the presence of the State Chief Minister, Mr. M. Karunanidhi.
Mr. L.K. Tripathy, Chief Secretary to the Tamil Nadu Government, Mr. K. Gnanadesikan, Secretary to the Government, Finance Department, and senior officials of ATC Tires were also present on the occasion.
A memorandum of understanding (MoU) for setting up the tyre project was signed by Mr. M.F. Farooqui, Secretary to the Tamil Nadu Government, Industries Department, and Mr. Ashok Mahansaria, Chairman & Managing Director, ATC Tires Private Ltd., in the presence of the State Chief Minister, Mr. M. Karunanidhi.
Mr. L.K. Tripathy, Chief Secretary to the Tamil Nadu Government, Mr. K. Gnanadesikan, Secretary to the Government, Finance Department, and senior officials of ATC Tires were also present on the occasion.
ATC Tires will be investing Rs. 300 crores in three years and another Rs. 100 crores in the fourth and fifth years. The project will provide direct employment to about 1,000 persons and indirect employment to about 800 persons. The setting up of this project in Tirunelveli district will encourage other investors to locate their projects in the southern districts to which the Government accords high priority.
