MRF to invest Rs.4,500 crore in capacity expansion

Posted on 23rd Mar 2015 06:07 pm by mohit kumar

Chennai, March 23 (IANS) Tyre major MRF Ltd plans to expand production capacity at its two plants in Tamil Nadu by investing Rs.4,500 crore over a period of seven years, the company said.

In a filing with the BSE, the company said that as part to its expansion plan it proposes to invest Rs.4,500 crore in its plants in Perambalur and Arakonam over a period of seven years.

"The government of Tamil Nadu considered the above proposal and has decided to accord 'Ultra Mega Project Status' under the Tamil Nadu Industrial Policy, 2014. The Memorandum of Understanding between the government and the company in this regard is expected to be signed shortly," MRF said.

Under the ultra mega project status, the state government offers various tax incentives.

The tyre maker has three plants located in Tamil Nadu, one each in Puducherry, Kerala, Goa and two in Andhra Pradesh.

Other news

Gautam Adani's wealth increased wildly in one year, earned Rs 1612 crore every day

Asia's richest billionaire Gautam Adani has topped the 2022 IIFL Wealth Hurun India Rich List. Ac

What happened during the dispute between Virat Kohli and Anil Kumble, Virender Sehwag revealed

Virender Sehwag, the former explosive opener of the Indian team, has made a big disclosure regard

Ambani: Anant Ambani and Radhika Merchant stopped, the ceremony was held at Shrinathji temple

Anant Ambani, the younger son of Reliance chief Mukesh and Nita Ambani, has been stopped. Very so

Indian Navy: Kalvari class submarine yard 11879 handed over to Navy, India's strength at sea increased

The fifth Kalvari class submarine of Project 75, Yard 11879, was handed over to the Navy today, t

West Bengal Politics: PM Modi called Mukul Roy and inquired about the condition of his corona-infected wife.

Prime Minister Narendra Modi on Thursday called Mukul Roy, BJP's national vice president and part

Former Mumbai Police Commissioner Parambir Singh reached Bombay High Court, pleaded against his transfer, and Anil Deshmukh

The Bombay High Court has approached former Mumbai Police Commissioner Parambir Singh, who has ma

The story of Rohit, the first patient from Delhi to defeat Corona

New Delhi: The first patient suffering from corona in Delhi recovered on Saturday and reached hom

Will always remember five moments of Indo-Pak match: Hardik hugs Rizwan, Naseem Shah kept moaning in pain, still bowled

About 10 months ago on 24 October 2021, the Indian team lost to Pakistan for the first time in th

Vikarm Box Office Collection: Kamal Haasan overshadows Akshay Kumar, Vikarm earns a lot on the first day

Along with Akshay Kumar's 'Samrat Prithviraj', Kamal Haasan's 'Vikarm' and Adivi Shesh's film 'Ma

NEP made not one or two but 3 world records in T20I cricket, this feat happened for the first time in instant cricket.

Nepal cricket team set records in Asian Games 2023: On the fourth day of the Hangzhou Asian Games