MRF to invest Rs 1,000 cr for expansion in TS, also pledges Rs 4 cr for ‘Mana Ooru-Mana Badi’
Hyderabad: Tyre major MRF has announced investment of Rs 1,000 crore for expansion of its facility and creating a new specialty assembly line at Sangareddy. This was disclosed by IT and Industries Minister KT Rama Rao after meeting MRF Vice Chairman and Managing Director Arun Mammen. ‘Met with Sri Arun Mammen, VC&MD of MRF India […]
Hyderabad: Tyre major MRF has announced investment of Rs 1,000 crore for expansion of its facility and creating a new specialty assembly line at Sangareddy. This was disclosed by IT and Industries Minister KT Rama Rao after meeting MRF Vice Chairman and Managing Director Arun Mammen.
‘Met with Sri Arun Mammen, VC&MD of MRF India who has shared with me that they’ve decided to invest Rs 1,000 crore into expanding their facility & creating a new specialty assembly line at Sangareddy district,” Rama Rao announced on social media.
Met with Sri Arun Mammen, VC & MD of MRF India who has shared with me that they’ve decided to invest ₹1,000 Cr into expanding their facility & creating a new specialty assembly line at Sangareddy district 👍
He also offered CSR of ₹4Cr to the “Mana Ooru – Mana Badi” program 🙏 pic.twitter.com/bCyLXzpIbM
— KTR (@KTRTRS) February 17, 2022
“He also offered CSR of Rs 4 crore to the ‘Mana Ooru-Mana Badi’ programme,” he further added.
Tyre production recorded a four per cent degrowth on top of the eight per cent decline in financial year 2020-21. The tyre industry also was affected by increase in raw material costs in the second half of the year 2020-2021.
During the financial year 2020-21, the company achieved a total income of Rs 16,129 crore. It had seen a decrease in most of the product groups adding up to a 12 per cent decrease in total tyre production. The fall was small in the heavy and light commercial vehicle segment but pronounced in the three-wheeler group and scooter segments, the company annual report 2020-21 said.
Exports of tyres also took a huge hit owing to the nationwide lockdown on account of the Covid pandemic, thus disrupting production and shipments of tyres. The second half of 2020-21, however, saw good traction leading to a spurt in export of tyres and demand continued to be robust, it said adding that the pent up demand will come to the aid of the industry, particularly in the passenger segment which currently is sitting on order backlogs.
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