MRF signs MoU for expanding plants

Indian tyre maker MRF Ltd reports it has signed a Memorandum of Understanding with the Government of Tamil Nadu to invest at least Rs 45 billion (£446.4 million) in two plants located within the state over a seven-year period.

MRF first informed the BSE (Bombay Stock Exchange) about its plans for the Perambalur and Arakonam facilities in March. The Government of Tamil Nadu has given the intended expansion ‘Ultra Mega Project Status’ under Tamil Nadu Industrial Policy 2014.

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