New Delhi: Tyre maker MRF on Monday said it will assemble an advanced Formula Car next year, for which it is now exploring partners to source various components, including the engine and braking systems.
"Next year we will develop a high performance Formula Car. We are now talking to many players to source the critical components for the car," MRF Managing Director Arun Mammen told reporters here.
The company is looking to manufacture the car with a 2.0 litre engine and will have carbon fibre body, he added.
"We are talking to big players like Dallara Automobili for tying up to develop the car. We will finalise the partners in the next six months... Most of the components of the car will be imported," Mammen said, adding that the company will manufacture the car at Coimbatore.
Although the company did not share how much it would invest in developing the product, Mammen said MRF spends usually Rs 40 crore every year in its motor sport initiatives.
So far, the company has built 20 Formula Cars in India with Ford Duratec 1.6 litre engines. These cars have been tested in two championships in two years.
Last week, MRF said it is looking to acquire plants overseas and rubber plantations in countries like Thailand, Cambodia and Vietnam to tackle rising raw material costs.
The company, which crossed Rs 10,000 crore turnover last financial year, said the current fiscal is likely to see lower profit margin due to the rising raw material prices.
At present, MRF has seven plants across the country. Its new plant in Tamil Nadu, which has been set up at the investment of Rs 800 crore, is expected to start operations in January-February 2012.
First Published: Monday, October 24, 2011, 20:07