MRF enters into MoU with Tamil Nadu for a greenfield plant at Sivaganga

New Delhi [India], March 4 (ANI): MRF on Wednesday announced it entered into a non-binding Memorandum of Understanding (MoU) with the Tamil Nadu government, 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, Sivaganga District, Tamil Nadu.
The MoU is non-binding in nature and is subject to the 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 1000 persons, MRF said in a statement.
MRF's consolidated total income increased by 15 per cent to Rs 8175 Crores for the quarter ended 31st December, 2025, as compared to Rs 7,099 Crores for the corresponding quarter ended 31st December,2024.
The consolidated profit before tax stood at Rs 917 Crores for the quarter ended 31st December,2025 (after providing for an exceptional item of Rs 77 Crores on account of the new Labour Code) as compared to Rs.424 Crores for the corresponding quarter ended December,2024.
Provision for tax for the quarter is Rs 225 Crores. After making provision for tax, the consolidated net profit for the quarter ended 31st December, 2025 is Rs 692 Crores as compared to Rs.315 Crores for the corresponding quarter ended 31st December,2024.
In the third quarter, both OE & Replacement sales were robust on account of increase in demand following the reduction in GST rates.
Rural economy also picked up against the background of good and widespread monsoons.
"The demand buoyancy arising from reduction in GST rates is expected to continue in 4th quarter also. Moreover, OEMs are expected to increase production levels due to higher sales expected in the last quarter and also due to reduced channel inventory," MRF had said earlier. "Trade Agreements, being finalized by the Government with various countries, including with EU and US, will open up opportunities for exports in the coming future." (ANI)

(This article was generated from news agency ANI without modifications to the text.)