Tyre manufacturer MRF has received a formal approval from the Telangana state government to invest Rs 900 crore to expand its manufacturing plant in Medak district near Hyderabad. A few months ago, the proposal was given to Chief Minister of Telangana, K Chandrasekhar Rao, by the company’s chairman, KM Mammen.
Telangana Industries Minister, Jupally Krishna Rao said, “The permission to MRF is part of a batch of projects that got approved by the government on Saturday.”
Telangana has adopted a new Industrial policy TS-iPASS (Telangana State Industrial Project Approval and Self Certification System). This policy promises quick and easy permissions for the industries using single window mechanism. The Medak MRF plant was originally set up in 1999. Presently, the plant is generating an annual turnover of Rs 4,300 crore and employs around 6,500 people.
A press release at the time of proposal reported, “The chief minister assured the company of all support for the expansion project by the government. He also said there would be no power cuts to the industry in Telangana and ample water would be provide for the industry once the ongoing water grid project is completed.”
The Chief Minister of Telangana was also informed by Mammen that this expansion would create 900 additional jobs at the plant.
Apart from MRF’s proposal, 15 other proposals of various companies have been given a go-ahead in the fourth batch. The companies have promised a total investment of Rs 1,570 crore and this investment is expected to provide 1800 jobs.
Some of the other major proposals include GMR group’s 5 MW solar power plant that will take an investment of Rs 27 crore. SEI Sriram Power proposed to build 10 MW solar power plant with an investment of Rs 55 crore. Preca Solutions will be building a facility with Rs 33 crore that will produce pre-stressed concrete material.