Tire maker MRF is planning to increase the production capacity at eight of its manufacturing facilities across India which is part of its capital expenditure plan.
The company is planning to invest around Rs 4,000 crore ($64 m) over the next three years to facilitate the additional capacity which is aimed at producing new products.
The details of the plan came out when Mumbai Stock exchange asked for clarification from MRF over reports about its investment.
MRF told PTI: "These proposals are an ongoing process in the company as part of its capex plan over a period of time, for its eight factories situated at various places in the country.
"The company, in line with its long term strategy, proposes to increase capacities across all its existing factories."
MRF also clarified that the Rs 4,000 crore ($64 m) investment is a "broad estimation" and it would depend upon cash flows and review of capital expenditure needs.
MRF added: "These proposals are currently tentative and as and when becomes definite, we note to keep the stock exchanges informed."
