MRF to invest Rs 5,300cr in greenfield factory

Chennai: Tyre maker MRF will invest Rs 5,300 crore over 12 years to set up a greenfield factory at the Sipcot Industrial Park in Sivaganga district to manufacture automotive tyres and allied products.The facility will generate 1,000 jobs, the state govt said in a statement on Wednesday. An MoU was exchanged between MRF and Guidance Tamil Nadu in the presence of chief minister M K Stalin, MRF chairman and managing director K M Mammen and vice-chairman and managing director Arun Mammen.
MRF has 10 factories in the country, of which three are located in Tamil Nadu at Chennai, Arakkonam and Perambalur. MRF informed the stock exchange that the MoU is non-binding and subject to the sanction of a customised incentive package, infrastructure support including land, and statutory approvals under applicable laws by Tamil Nadu govt.