November 24 (SeeNews) - Serbia's state aid commission said it has approved the allocation of 41 million euro ($48.7 million) in government financing to a unit of Japanese company Toyo Tire Corporation for the construction of a factory in Indjija, in northern Serbia.
The state aid to Toyo for the construction of a 382.7 million euro factory in Indjija is in accordance with the regulations, the commission said in a notice posted on its website on November 16.
The Serbian government has already approved the allocation of the state aid, which will be provided by the economy ministry to Toyo Tire Serbia, a fully-owned subsidiary of Toyo Tire Corporation, the state aid commission said in the notice.
Earlier this year, Toyo completed the acquisition of a 63 hectare land plot in the northeastern industrial zone of Indjija where it will build a factory with a footprint of 300,000 square metres and will initially hire 523 workers.
The Japanese company established in October 2019 its Serbian subsidiary Toyo Tire Serbia, based in Belgrade, active in the manufacturing and sales of radial tires for passenger vehicles and light trucks.
($ = 0.8414 euro)