 "CEAT Tyres to invest Rs 400cr in Nagpur plant")
Mumbai-based CEAT Tyres today announced its plans to invest Rs 400 crore in a plant in Butibori, Nagpur. Chief Minister of Maharashtra, Devendra Fadnavis laid the cornerstone for the plant that will be set up in three phases.
Phase I of the project (2014- 2016) will see an investment of Rs 400 crore. The completion of phase-one of the plant and the first tyre rollout is anticipated by April 2016.
The plant will be spread across 60 acres and is expected to manufacture 1.2 million two and three wheeler tyres every year.
Anant Goenka, Managing Director, CEAT said, "With this plant we are looking to double our capacities within two years. This will give us the added impetus to increase our market share. Butibori gives us great advantage of reduced logistics cost and a plant in a central location."