Indian tyre manufacturer Ceat Ltd to invest $160m in Chennai tyre factory

Ceat Ltd, an Indian tyre manufacturing company, said that its board of directors have sanctioned an investment of INR12.05 billion ($160 million) for a greenfield factory in Chennai.

The tyre manufacturer said that the board had unanimously approved the investment for boosting the capacity of truck bus radial (TBR) at the plant.

The expansion will be taken up in a couple of phases with the Chennai tyre factory to increase its capacity by up to 190 tons per day (TPD) capacity in the next four years.

Ceat Ltd, which is owned by the RPG Group, proposes to fund the investment using a mix of debt and internal accruals.

Indian tyre manufacturer Ceat Ltd to invest $160m in Chennai tyre factory. Photo courtesy of S. Hermann & F. Richter from Pixabay.