MRF gains on plan to invest Rs 1,000 crore in Andhra Pradesh plant

MUMBAI: Shares of tyre manufacturer MRF moved higher in trade after the company said it will invest about Rs 1,000 crore to double its capacity at a facility located near Hyderabad.

This is the second largest investment that the state has attracted after the announcement of its bifurcation into Telangana and Seemandhra by the Congress Working Committee on July 30.

“MRF approached the Andhra Pradesh industries ministry last week to double capacities. The company is learnt to have told Andhra Pradesh government officials that the expansion would provide employment to over 1,000 people. MRF is the market leader in India with some 32% market share in the Rs 41,000-crore domestic tyre industry. It also exports its products to some 65 countries across the globe,” ET reported.

At 09:20 a.m. the stock was at Rs 13,499, up 1.15 per cent, on the BSE. It touched a high of Rs 13,514 and a low of Rs 13,454 in trade today.