Michelin to invest Rs.4,000 cr near Chennai

French tyre major Michelin has signed an agreement with the Tamil Nadu government to set up a manufacturing facility on an investment of Rs 4,000 crore spread over seven years.

The plant, to be set up by Michelin India Tamil Nadu Tyres Ltd, will come up on 290 acres at the Gummudipoondi industrial estate near here and will roll out radial tyres some time in 2012.

The project is expected to provide employment to 1,500 people, the state government said in a statement on Monday.

Michelin is one of the world's largest tyre manufacturers, operating 69 factories across 19 countries with a capacity to roll out 190 million tyres annually.