MRF enters into non-binding MoU with Tamil Nadu Government for new project in Sivaganga District

MRF Ltd 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, Sivaganga District, Tamil Nadu.

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 1000 persons.

Shares of MRF Limited was last trading in BSE at Rs. 138920.95 as compared to the previous close of Rs. 141054.95. The total number of shares traded during the day was 1073 in over 774 trades.

The stock hit an intraday high of Rs. 139540.00 and intraday low of 135000.05. The net turnover during the day was Rs. 148537967.00.

Source : Equity Bulls

Keywords

MRF INE883A01011 MoU GreenfieldProject SivagangaDistrict