Ceat to invest Rs 2,800 crore to expand capacity over 5 years

Tyre maker Ceat today said it would invest Rs 2,800 crore spread over five years to expand its capacity.
"Ceat today announced an approval of an investment of approximately Rs 2,800 crore, spread over a period of five years leading up to FY22. With this investment, Ceat's capacity would go up by 1 million tyres per annum for truck bus radials, 17 million tyres per annum for 2-wheelers and 6 million tyres per annum for passenger car radials," the RPG Group company said in a statement.
The investments are proposed to be funded through a blend of debt and equity, it added.

"In order to boost the growth in our focused segments of 2-wheelers and passenger car radials, we are expanding capacities over the next five years.
"With the growth in radialisation of truck segment, we have decided to increase our truck bus radial capacity by 1 million tyres per annum, to maintain our market share," Ceat Managing Director Anant Goenka said.
Meanwhile, the company has appointed Kumar Subbiah as Chief Financial Officer with effect from January 16, 2017 in place of Manoj Jaiswal, who takes over a different responsibility.