Chennai: Tyre majors MRF on Wednesday signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to set up a green field facility involving an investment of Rs 5,300 over 12 years in the southern Sivaganga district.
The MoU was signed in the presence of Chief Minister M K Stalin at the State Secretariat in the presence of company and government officials.
In a regulatory filing before the NSE and BSE, MRF Tyres said it has today entered into a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu, through its Nodal Agency “Guidance” to facilitate the setting up of a Greenfield manufacturing facility for Automotive Tyres and Allied Products at SIPCOT Industrial Park in Sivaganga district.
The MoU is non-binding in nature and is subject to sanction of a customised incentive package, infrastructure support including land and statutory approvals under applicable laws by the Government of Tamil Nadu.
The proposed project when implemented envisages an estimated investment of about Rs.5,300 crores over a period of 12 years and is expected to generate direct employment for approximately 1,000 persons.
Meanwhile, an official release said Tamil Nadu was the second largest economy in India and was the leading state in various fields, including manufacturing and exports.
It said as per the 2024-25 Economic Survey, Tamil Nadu has been the leading state and functioning extremely well in attracting investments and creating innumuerable jobs, especially for women.
The state has been topping in all growth index, achieving double digit growth for the second time when the ruling DMK was in power and emerging as the second largest economy in India, a fact that was confirmed by the union government.
It also said the government has been taking several initiatives to create more employment
opportunities for youth, ensure seamless and inclusive growth and to attain the target of making TN a USD One Trillor economy by 2030 by attracting more investments.
Stating that MRF had been involved in manufacture of Tyres, tubes and Flaps and for domestic use and was also exporting them for global market, the release said though the company has ten manufcturing facilities across the country, it has the highest number of plants in Tamil Nadu including at Tiruvottriyur, Arakonam and Permbalur.
Taking its trade to the next level, the company plans to invest Rs 5,300 crore over the next 12 years in its new modernised green field manufacturing faciliy at IIluppakudi SIPCOT Industrial Park in Sivanganga district committing job opportunities to 1,000 people and the MoU in this regard was signed today in the presence of Mr Stalin.
