IndiaCatalog.com
India News
Search Web Directory
News Home
MTPL to set up off-highway tyre facility in Gujarat, invest $107 million
Posted on 6th December 2019
Mahansaria Tyres Private Limited (MTPL) will set up a $107-million facility to manufacture off-highway tyres in Gujarat, backed by International Finance Corporation (IFC) through equity and loan.

IFC will provide a loan of up to $30 million and it will buy a stake in MTPL for up to $7.74 million.

MTPL is owned by Ashok Mahansaria, Yogesh Mahansaria and Yogesh Investments Private Ltd. (YAIPL), erstwhile sponsors of Balkrishna Industries and Alliance Tyre Group, and it has over 25 years of experience in off-highway tyres used in agriculture and construction industry.

Cost for phase 1, which will involve setting up 40,000 MT capacity, is $107 million. This will be funded by debt of up to $54 million, including IFC's loan, which will have a tenor of 10 years.

IFC will also mobilise another loan of up to $24 million on similar terms. This gives the company access to a different fundraising channel --from institutional financiers -- and help it develop a more diversified investor base.

"IFC's investment will provide validation of a greenfield business plan and the growth prospect of the sector. This will send a positive signaling effect to other investors on the soundness of the project and help attract investors for the current and future financing stages," said IFC.

MTPL estimates exports to account for 70-80 per cent of sales and contribute to India's forex earnings. The project will support value-addition in the domestic rubber production industry and is expected to create 1,500 jobs in the first phase.

OHT has a small presence India, compared to developed markets such as EU and North America. The size of OHT segment globally is still relatively small as it accounts for only about 10 per cent of the braoder tyre industry. At present, value brands have around 30 per cent share in the global market. Indian players hold half of this market share.

The Indian OHT market is price sensitive due to low farm income. As a result, the product range in India is not as specialized as in the EU and North America, where more application specific solutions are available.

Indian players such as MTPL stand to gain by producing more products in the value brand segment of OHT tyres, given that conversion costs in India are lower than in any other manufacturing bases. This project will demonstrate the competitiveness of Indian players in the global market and increase the overall share of Indian value brands, said IFC.

Other Latest News
'No desire for any post': Sachin Pilot calls truce after meeting with Gandhis, says wanted self-respect to remain intact
Posted on 11th August 2020
Former Rajasthan Deputy Chief Minister Sachin Pilot on Monday called truce with the Congress party after a month of high-pitched political drama that also played in the High Court and the Supreme Court. Pilot, who was sacked as deputy CM and as state unit chief, said he has no desire for any post and just wanted the self-respect to remain intact.

His statement came after a meeting with Rahul Gandhi and Priyanka Gandhi Vadra, and announcement of a three-member panel by party chief Sonia Gandhi.

Former President Pranab Mukherjee put on ventilator support after brain clot surgery
Posted on 11th August 2020
Former President Pranab Mukherjee is on ventilator support after undergoing brain surgery at the Army Research and Referral hospital, where he was admitted on Monday morning after testing positive for COVID-19, sources said on Tuesday.

On a visit to the hospital for a separate procedure, I have tested positive for COVID-19 today. I request the people who came in contact with me in the last week, to please self isolate and get tested for COVID-19, Mukherjee tweeted on Monday afternoon.

UP: Chased by eve-teasers, US scholar girl dies in Bulandshahr road accident
Posted on 11th August 2020
In what comes as a tragic end to a bright life, Sudiksha, a girl from Uttar Pradesh's Gautam Buddh Nagar who had received Rs 3.83 crore scholarship to study in the US, died after falling off from a bike in Bulandshahr after being chased by eve-teasers. Sudiksha had returned to India and was going to Sikandrabad with her uncle Manoj Bhati to meet her relatives.

According to reports, the eve-teasers had started performing stunts near Sudisha due to which her uncle was facing difficulty in riding the bike and was getting imbalanced.

Kerala plane crash: Air India praises Malappuram residents for saving lives
Posted on 10th August 2020
Air India Express has expressed its gratitude to people of Mallapuram, Kerala for help in a lane crash in which 18 people died Friday night.

In a tweet, the Air India Express said, Taking a bow to HUMANITY! A standing ovation from our hearts to the PEOPLE OF MALAPPURAM, Kerala, who had showered us with kindness & humanity during the uncertain incident. We owe you a lot! #ExpressGratitude.

Vodafone-Idea's fate hinges on the Supreme Court's AGR verdict today
Posted on 10th August 2020
For Vodafone Idea Ltd (VIL), the future course is closely pegged to today’s Supreme court decision on the issue of tenure of payment of adjusted gross revenue (AGR) dues.

In the last hearing, held in July, the court had ended some confusion by clearly telling VIL and other operators that there would be no reassessment of the AGR dues calculated by the department of telecommunications (DoT). Operators had earlier claimed, based on their self-assessment, that the payable amount should be far less.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for MTPL to set up off-highway tyre facility in Gujarat, invest $107 million
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for MTPL to set up off-highway tyre facility in Gujarat, invest $107 million

Most Read News

Ayodhya decked up for Ram temple ceremony, PM to perform bhoomi pujan

Gold prices at Rs 59,300 per 10 gm, silver jumps to Rs 74,210 a kg

Amazon gears up for Prime Day in pandemic with temperature checks, handwash

Mumbai gets highest downpour of season in 12 hours with 215.8 mm rains

Kerala plane crash: Air India praises Malappuram residents for saving lives

More India News

Photo Gallery

Maruti Stingray(14 Images)Maruti Stingray
Shraddha Das(11 Images) Shraddha Das
Kavalai Vendam(11 Images)Kavalai Vendam
Venkaiah Naidu(11 Images) Venkaiah Naidu
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement