Hyderabad, Sep 15 (IANS): Two-wheeler major Hero Motors Limited will set up a manufacturing plant in Chittoor district of Andhra Pradesh with an investment of Rs.2,200 crore.
The state cabinet, which met here Monday, decided to allot 600 acres of land for the plant, which will come up in Sri City Special Economic Zone.
The cabinet meet presided over by Chief Minister N. Chandrababu Naidu also decided to extend other incentives for the plant.
A Memorandum of Understanding (MoU) is likely to be signed between Hero Motors and Sri City promoters here Tuesday, sources said.
The plant is expected to provide direct employment to 6,000 people and indirect employment to another 3,000 people.
The cabinet decision came close on the heels of Naidu's meeting with Hero Motors Vice Chairman and Managing Director Pawan Munjal. The chief minister during the meeting in New Delhi Saturday invited Munjal to set up the plan.
This will be the fifth manufacturing plant of the two-wheeler company in India and the first in south.