The Andhra Pradesh State Investment Promotion Board has approved the incentives offered by the State Government to Hero MotoCorp for setting up a Greenfield manufacturing unit in Chittoor district of the State.
In a Government Order, the SIPB concurred with the State Government's move in signing the MoU with Hero MotoCorp and proving incentives as a project of such investment entails employment to about 15,000 persons directly and indirectly.
The two-wheeler plant proposed by Hero MotoCorp entails an outlay of Rs 1,600 crore and there is potential for investment of Rs 1,600 crore more in development of ancillary units.