MRF on Monday said its turnover for the first time has crossed Rs 10,000 crore in one year, becoming the first Indian tyre maker to achieve this mark, and announced plans to acquire plantations or companies abroad to neutralise the impact of high import duty on rubber.
“MRF is the first Indian tyre company to have crossed the turnover of Rs 10,000 crore in one year. It registered growth in excess of 30 per cent over the previous year,” MRF Chairman K M Mammen told reporters in Chennai.
“In 2007, we reported Rs 5,000 crore. Rs 10,000 crore is something we are proud of, because we are the first Indian (tyre) company to achieve this,” Mammen said.
Talking about future plans, he said MRF was seriously thinking of going out of the country or acquire companies. “We are reviewing a lot of these wonderful ideas,” he said. He also expressed hope that the company would double the revenues in future.
Stating that the high import duty was having an impact on its bottom line, he said they were looking to acquire plantations in any region or acquire companies.
When asked whether the company has zeroed in on any company or any plantations, he only said, “We are looking at the whole world.”
MRF exports tyres to 65 nations. It has seven facilities in the country. To another question whether putting up a factory outside India would be a feasible option for the company, Mammen said it was not a right option.
“But taking over (of overseas companies) is fine. We are looking at all over the world. I would say, there are lot of opportunities in Europe, South east Asia, China,” he said.