Chennai: Tyre major MRF will invest Rs 4,500 crore in Tamil Nadu over next seven years as part of expansion plan and will soon sign a pact with the state government in this regard.
"The company as part of its expansion plan, proposes to invest Rs 4,500 crore in its plants at Perambalur and Arakkonam in Tamil Nadu over a period of seven years", MRF Ltd said in a BSE filing.
"The Government of Tamil Nadu considered the above proposal and decided to accord Ultra Mega Project Status under the Tamil Nadu Industrial Policy, 2014," said the Chennai-based company.
"The Memorandum of Understanding between the State Government and the company in this regard is expected to be signed shortly", it said.
Currently, MRF Ltd has eight manufacturing facilities in South India.
Auto major Mahindra and Mahindra also plans to sign MoU with the state government during the Global Investors Meet scheduled next month for setting up a project at Rs 4,000 crore investment at Cheyyar in Kancheepuram district.
MRF scrip closed at Rs 38,439.10, down by 3.53 per cent, on the BSE.