MRF Invests Rs. 99 Cr in Serentica Renewables Project for Solar, Wind Push

Leading Chennai based tyre manufacturer MRF has recently entered into a power supply and consumption agreement with Serentica Renewables India 26. In a regulatory filing, the company said,  under the agreement, MRF would purchase solar and wind power under the government’s captive power policy.

In connection with this, the company will acquire up to 26% of the paid-up equity capital of Serentica Renewables India 26 Private Limited as per the group captive generation mechanism under the Electricity Act. The firm is a special purpose vehicle set up for the purpose by Serentica as per norms.

MRF's Rs. 99 Crores, will be invested in subscribing to the equity share capital of Serentica Renewables India 26 Private Limited. 

MRF Previous Collaboration

MRF is stepping up its renewable energy push. It previously acquired a 27.2% stake in First Energy 8 Pvt Ltd in 2024 to support a 47.4 MW wind project in Tamil Nadu. The move secures solar and wind power under India’s captive power policy, reinforcing MRF’s commitment to greener operations and sustainability goals.

Other tyre companies are making consistent efforts to integrate renewable energy into its operations. Domestic players including Ceat Tyres, Apolly Tyres and others have variously comitted to sourcing between 25 - 50% of their energy requirements from renewable sources by 2025 end. They are also focused on broader sustainability goals like lowering net water usage, using more bio-materials in their tyres etc, with most firms targeting a net zero situation for operations by 2045 or 2050.     

Globally, Bridgestone Corporation, a global tyre manufacturer, has transitioned all electricity at six of its plants in Japan to renewable sources and aims to achieve a 90% renewable energy ratio across its production bases.

Similarly, Michelin Group, a global company primarily known for manufacturing and selling tires, in 2023 signed a long-term power purchase agreement (PPA) with CleanMax to supply 11 MW of solar power to its Chennai plant, increasing the facility's renewable energy contribution from 11% to 37% and reducing CO₂ emissions by approximately 11,712 tons annually.