MRF to invest €500m in new tire plant in India

Chennai, India — Indian tire maker MRF Ltd. has signed a memorandum of understanding with the government of Tamil Nadu to establish a new manufacturing facility in Sivagangai district, according to a 4 March social media post by the state’s chief minister.

The project will be located at the ‘SIPCOT industrial park’ in Iluppaikudi and will involve an investment of INR53 billion (€500 million) over a 12-year period.

The investment is expected to create approximately 1,000 jobs, said M.K. Stalin in his post.

The chief minister did not provide further details about the project.

In a stock exchange filing on the same day, MRF stressed that it had entered into "a non-binding" agreement for the planned greenfield manufacuturing facility for 'automotive tires'.

MRF currently operates 10 factories in India, three of which are located in Tamil Nadu.