MRF to set up Rs 5,300 cr greenfield project in TN

Chennai: Tyre major MRF Ltd has 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.

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."