Ceat to invest 2,800 crore; boost capacity by 2.4 crore tyres

Ceat Ltd. has announced its plans to invest Rs. 2,800 crore in India in order to boost its annual manufacturing capacity. The said investment will be made over a span of 5 years. Through this investment, Ceat is aiming to increase its annual production capacity by 10 lakh units for truck bus radials, 1.7 crore units for two-wheeler tyres and 60 lakh units for passenger car radials.

The company is aiming to complete the aforementioned increase in capacity by FY 2022. The 2,800 crore worth of investments will be made through a mixture of debt and equity.

The company also announced the appointment of Mr. Kumar Subbiah as the new Chief Financial Officer. He will be taking charge from January 16th, 2017, and will be replacing Mr. Manoj Jaiswal, who is moving on to another role in the company.

Ceat currently has a production capacity of 1.5 crore tyres in the country. It caters to a wide range of segments, including heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, passenger cars and two-wheelers.