MRF, the Indian tyre making giant, has plans to invest close to Rs. 980 crores for expansion of its tyre plant located in Medak district near Hyderabad. The plant, which was set up in 1999, operates with an annual turnover of Rs. 4,300 crores and employs nearly 6,500 persons.
Announcing the expansion plan, Mr. M.K. Mammen, MRF Chairman, said: “The Chief Minister of Telangana has assured the company of all support for the expansion project. There would be no power cuts to the industry in Telangana and ample water would be provided for the industry once the ongoing water grid project is completed.”
Earlier, on March 23, the company announced its proposal to invest Rs. 4,500 crores in its Perambalur and Arakkonam plants. The investment will be made over a period of seven years.