Rajratan Global Wire Ltd said it has executed a lease deed with the State Industries Promotion Corporation (SIPCOT) for 25 acres of land, for setting up of new facilities to manufacture bead wires for tyres. The investment is about ₹300 crore, and the plan will have a capacity of 60,000 tonnes per annum.
The land has been allotted to the company at the SIPCOT Industrial Park, Vallam Vadagal (Phase-II), Kancheepuram.
In a stock exchange announcement, the company said it has made the requisite payment for the land. In July, Rajratan had signed a memorandum of understanding with the Tamil Nadu government.
Currently the company has a capacity of 72,000 per annum in Pithampur, Madhya Pradesh and 40,000 tonnes per annum in Thailand.
The new capacity in Chennai is likely to be added in three-four years.
