Home / Business and Economy / MRF Seals ₹5,300 Crore Green Investment Deal
MRF Seals ₹5,300 Crore Green Investment Deal
4 Mar
Summary
- MRF commits ₹5,300 crore for a new manufacturing plant.
- The facility will be located in Sivaganga district, Tamil Nadu.
- This project is expected to create over 1,000 direct jobs.
MRF, a leading tyre manufacturer, has entered into a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹5,300 crore. This substantial sum will fund a new greenfield manufacturing facility dedicated to automotive tyres and allied products, to be situated at the SIPCOT Industrial Park in Sivaganga district.
The investment is planned over a period of 12 years and is anticipated to generate over 1,000 direct employment opportunities. The non-binding agreement was signed with the state's nodal agency, Guidance, on Wednesday.
MRF's new facility is contingent upon the sanction of a tailored incentive package and essential infrastructure support, including land allocation, from the state government. The company currently operates nine plants across India, producing tyres, tubes, and flaps for various vehicles.
