- MRF Ltd signed MoU with Tamil Nadu for Rs 5,300 crore tyre plant investment
- New tyre unit to be built in SIPCOT Industrial Park, Sivaganga district
- Project expected to create around 1,000 direct jobs over 12 years
Tyre major MRF Ltd signed a MoU with the Tamil Nadu government on Wednesday, committing investments of Rs 5,300 crore over a period of 12 years, to set up a new tyre manufacturing unit in the state.
The factory to come up in the SIPCOT (State Industries Promotion Corporation of Tamil Nadu) Industrial Park in Sivaganga district would create employment to 1,000 people, the government said.
At an event held at the Secretariat, MRF Ltd Chairman and Managing Director K M Mammen, Vice Chairman and Managing Director Arun Mammen exchanged documents with Guidance MD and CEO Darez Ahmed in the presence of the Chief Minister M K Stalin, Chief Secretary N Muruganandham, Minister for Industries TRB Rajaa among others, an official release said.
ALSO READ: MRF Net Profit Surges Over Two-Fold To Rs 692 Crore In Q3
Meanwhile, in a separate BSE filing, the Chennai-headquartered MRF Ltd said, "The company today entered into a non-binding Memorandum of Understanding with the Government of Tamil Nadu, through its nodal agency 'Guidance' to facilitate the setting up of a Greenfield manufacturing facility for automotive tyres and allied products at SIPCOT Industrial Park, Sivaganga district."
The proposed project when implemented envisages an estimated investment of about Rs 5,300 crore over a period of 12 years and is expected to generate direct employment for approximately 1,000 persons, the company said.
"The MoU is non-binding in nature and is subject to sanction of a customised incentive package, infrastructure support including land and statutory approvals under applicable laws by the Government of Tamil Nadu," the company said.
MRF Ltd currently operates about 10 manufacturing facilities across the country producing passenger car radial, truck and bus radial, off-the-road and two wheeler tyres among others.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.