 "MRF's Gujarat plant to feed exports")
Tyre major MRF said its new Gujarat plant would cater to both the domestic and export markets.
The company expects the facility will be constructed in 12 months. MRF recently signed an agreement with the Gujarat government to invest Rs 4,500 crore over the next 10 years.
KM Mammen, chairman and managing director of MRF said, “MRF is soon going to acquire land in Bharuch and start construction. ” While MRF did not disclose the capacity of the plant, sources said it would produce 1 million tyres per month. The project will be funded by internal accruals and debt.
MRF is investing another Rs 4,500 crore to expand its capacity in Tamil Nadu, where it has three tyre manufacturing plants.
The company now has a capacity of 120,000 tyres per day across its eight plants in Tamil Nadu, Andhra Pradesh, Telangana and Kerala.
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