MRF, one of the major tyre makers in country will invest around Rs 4,500 crore at its Perambalur and Arakonam plants over a period of seven years. The company has bagged Ultra Mega Project Status for the proposed expansion.
The state government as considered the proposal and has decided to accourd 'Ultra Mega Project Satus' under the Tamil Nadu Industrial Policy 2014.
The company is planning to sign an MoU with the state government. MRF currently has a capacity of making 1.2 lakh tyres a day across its plants in Tamil Nadu, Hyderabad and Goa. The proposal is expected to create job opportunities for 3,000-3,500 people.
Source said the proposed expansion would bring in 1.1 times the investment as turnover. The investment would be from internal accruals and there would not be any fund raising for this.
Earlier company officials said while the overall market was not good in the recent past, the company managed with its after market sales.
In the passenger car segment, where the company is a leader, it has 28-30% market share in the after market sales and 25% in the OEM segment. The company is also taking cost cutting measures in order to improve its performance.
Source: business-standard
Source: business-standard
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