MTPL has received funding for its greenfield off-highway tyre manufacturing project in India. International Finance Corporation (IFC), the financial arm of the World Bank Group, along with DEG, the german financial group, have acquired a 10% stake in MTPL and has also provided foreign currency loans of $54 million.

IFC’s investment will provide validation of a greenfield business plan and the growth prospect of the sector. Following the ‘Make in India’ philosophy, MTPL project will manufacture in India and sell across the globe. MTPL estimates exports to account for a large portion of sales and contribute to India’s forex earnings.

“This project will demonstrate the competitiveness of Indian players in the global market and increase the overall share of Indian value brands”, said IFC.

“We are pleased to renew our relationship with IFC and DEG through the MTPL project. We believe their institutional support will help our young organization to grow faster with high standards of governance and sustainability”, said Mr Yogesh Mahansaria, Managing Director, MTPL.

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