Tyre major MRF Ltd is targeting a turnover of Rs 22,000 crore by 2020 and is also setting up a new plant in Gujarat at an outlay of around Rs 2,000 crore, said top company officials here on Tuesday.
According to them, the Gujarat plant is expected to go on stream by 2020 with construction activities planned to begin soon.
The company also launched its premium range of tyres under the brand PERFINZA.
PERFINZA by MRF has achieved the distinction of being the first tyre made by any Indian company to be approved by a leading global luxury car manufacturer.
The new range of tyres will be sold in India first and later shipped out to overseas markets.
According to MRF Chairman and Managing Director K.M. Mammen, the company is investing Rs 2,000 crore in Gujarat over the next three year period to make the entire range of tyres-two wheelers to off-the-highway vehicle tyres.
Apart from the vehicle makers, the company, through the proposed Gujarat plant, will also target the replacement market.
About the Gujarat plant, Vice Chairman and Managing Director Arun Mammen said the facility will come up on 200 acres in Baruch district.
The Gujarat plant will also be a major contributor for MRF's target to touch a turnover of Rs 22,000 crore by 2020. Last fiscal the company clocked a turnover of just over Rs 15,000 crore.