Tag: MRF

MRF considering European car tyre import options

MRF considering European car tyre import options

15th January 2016 | 0 Comments

Not only has leading Indian tyre maker MRF Tyres, launched its MRF Motorsport Tyres Europe operation during Autosport International 2016, the firm is also considering importing its passenger car tyres into Europe in the years to come. While MRF has been exporting to between 60 and 70 countries worldwide for some time now the majority of these are in Asia, with others in the Middle East, Africa and South America. A few speciality products aside, MRF hasn’t really been exporting to Europe before now.

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MRF Tyres launching European motorsport business at Autosport

MRF Tyres launching European motorsport business at Autosport

12th January 2016 | 0 Comments

Leading Indian tyre maker MRF Tyres is launching its MRF Motorsport Tyres Europe operation during Autosport International 2016. This means the Indian brand, which is well known on the sub-continent, but has yet to make such a big splash outside Asia, will now be available to UK and European customers.

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MRF to build new tyre factory

17th December 2015 | 0 Comments

Tyre maker MRF Ltd reportedly plans to build a new manufacturing facility in India’s Gujarat state. According to a state government official quoted in The Times of India, the company is looking at a greenfield site in Bharuch.

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MRF receives state approval for Sadasivpet tyre plant expansion

24th November 2015 | 0 Comments

India’s MRF Ltd has reportedly received approval from the government of Telangana to instigate an Rs 9 billion (£89.5 million) expansion of its Sadasivpet tyre factory in the state’s Medak district. The company first made its expansion plans public in April 2015, quoting an investment sum of Rs 9.8 billion and claiming the project would create an additional 900 jobs. The Sadasivpet announcement followed news in March 2015 that the tyre maker would invest Rs 45 billion in an ‘ultra mega project’ to expand its Perambalur and Arakonam plants in Tamil Nadu.

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MRF signs MoU for expanding plants

29th September 2015 | 0 Comments

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.

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Lower material costs help MRF double net quarter profits, despite Chinese competition

28th April 2015 | 0 Comments

India’s MRF Limited reports that its year-on-year net profit almost doubled in the three months to 31 March 2015. Net profit during the period amounted to Rs 3,326 million (£34.4 million), up 94.6 per cent on the Rs 1,709 million (£17.7 million) earned in the first three months of 2014. This huge jump in profit was achieved in spite of hefty competition from imported Chinese tyres, and was facilitated by much lower natural rubber prices – Mumbai-based stock and wealth trading company Angel Broking reports that MRF’s raw material costs declined from 65.7 per cent of sales in the second quarter of calendar year 2014 to 57.4 per cent of sales in the reporting period. Net income of Rs 33,120 million (£342.7 million) for the quarter was only 0.4 per cent higher than a year ago.

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‘Ultra Mega Project’ – MRF investing Rs 45 billion to expand facilities

24th March 2015 | 0 Comments

India’s MRF Ltd has informed the Bombay Stock Exchange that it will invest Rs 45 billion (£483.5 million) in its Perambalur and Arakonam plants in Tamil Nadu state over a seven year period as part of an expansion plan. The tyre maker will gain some level of support from the government of Tamil Nadu and says it will sign a Memorandum of Understanding with the government there in the near future. The government of Tamil Nadu has accorded the MRF expansion project ‘Ultra Mega Project Status’ under Tamil Nadu Industrial Policy 2014, a policy that aims to strengthen the state as a centre of manufacturing and increase exports from the region.

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Birla Tyres plant acquisition talks ‘speculative’, says Kesoram Industries

20th January 2015 | 0 Comments

An article published by Indian financial daily The Economic Times, which claims MRF Tyres is in advanced discussions with Kesoram Industries over the purchase of its tyre making facility in Laksar, Uttrakhand state, has been labelled “purely speculative in content” by Kesoram Industries. In a letter sent to the Bombay Stock Exchange on 20 January, company secretary Gautam Ganguli stated that the news of negotiations was “based entirely on speculation and conjecture.” Kesoram sent a similar letter to the newspaper a day earlier.

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India’s tyre makers meet government to talk rubber prices

18th December 2014 | 0 Comments

Regional government ministers in India met with tyre makers on 18 December to discuss rubber prices. Chief minister of the state of Kerala, Oomen Chandy has chaired a meeting which proposed a minimum guaranteed price for rubber growers – a price of around Rs 125 to 130 (£1.25 to £1.30) per kilogramme was suggested. In recent times the price paid to Indian rubber growers has dipped as low as Rs 90 per kilogramme, a price considered unsustainable.

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MRF to increase tyre production capacity – reports

3rd December 2014 | 0 Comments

Tyre major MRF Ltd is reportedly increasing tyre production capacity at its eight manufacturing facilities across the country as part of its capital expenditure plan. “The company, in line with its long term strategy, proposes to increase capacities across all its existing factories,” MRF said in its reply to the Bombay Stock Exchange (BSE). According […]

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Indian tyre stocks fall back

23rd April 2014 | 0 Comments

The prices of shares in Indian tyre manufacturers have fallen back after rallying last week prior to the Easter weekend. According to local news sources, the shares of tyre companies plunged by up to 8 per cent each. The fact that one of the largest domestic tyre makers, MRF, reported a decline in net profit for the quarter ended March 2014 was said to have been the main precipitating factor.

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MRF supplying tyres to Indian Air Force fighter

14th April 2014 | 0 Comments

MRF Tyres has launched a new aircraft tyre, the MRF Aeromuscle, and will supply this as the main wheel fitment for the Indian Air Force’s more than 200-strong fleet of Sukhoi Su-30MKI fighter planes. The tyres are produced at the company’s Hyderabad factory and are said to be 30 to 40 per cent cheaper than their imported equivalent. The Indian Air Force sought out a local tyre supplier for the Su-30 due to difficulties sourcing the tyres overseas. MRF has now also been given a mandate to design nose wheel tyres for the aircraft.

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MRF looking at growth options

2nd April 2014 | 0 Comments

Indian tyre maker MRF Ltd. is eyeing several acquisition opportunities but remains cautious over committing itself to inorganic expansion, chairman and managing director K.M. Mammen told The Times of India. Referring to the aborted deal of major Indian rival Apollo Tyres, whose acquisition of Cooper Tire & Rubber Co. came undone, Mammen told the newspaper, “You can acquire like how my dear friends did and then get slapped.” He added: “There is a way of acquiring. You should acquire what you can swallow. A bad acquisition can kill you.”

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MRF to double factory capacity

30th September 2013 | 0 Comments

Indian tyre maker MRF Ltd intends to double capacity at its plant near Hyderabad in the state of Andhra Pradesh.

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MRF profits up 57%

26th July 2013 | 12,345 Comments

Although India’s Automotive Tyre Manufacturers Association recently expressed a measure of dissatisfaction about the domestic rubber situation, member company MRF Ltd’s latest quarter results show profits that have been helped by the commodity. In the three months between 1 April and 30 June (the third quarter of MRF’s financial year), the tyre maker’s net profit leapt 57.2 per cent to Rs 2.27 billion (£25.0 million).

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