MRF looking at acquisitions overseas
10 Oct 2011
Indian tyre major MRF is looking overseas for acquisitions even as the company reported a turnover of over Rs10,000 crore for the financial year ended 31 March 2011. This cements MRF's status as the country's top tyre maker.
MRF is looking to acquire plantations or companies abroad to neutralise the impact of high import duty on rubber, its chairman K M Mammen said today.
"MRF is the first Indian tyre company to have crossed the turnover of Rs10,000 crore in one year. It registered growth in excess of 30 per cent over the previous year," he said.
"In 2007, we reported Rs5,000 crore. Rs10,000 crore is something we are proud of, because we are the first Indian company to achieve this," Mammen said, adding that the company expected to double turnover in the future.
He said with the high import duty having started to impact its bottom line, the company was seriously thinking of acquiring plantations or companies overseas.
"We are reviewing a lot of these wonderful ideas," he said.