Ceat plans Rs 1,000cr expansion

Ceat, India's fourth largest tyre maker by revenue, will invest Rs 1,000 crore in the next two-three years for expanding capacity, increasing focus on R&D, market expansion and improving customer interface.

The company today unveiled a new logo, which is the first-ever change of its kind for Ceat since inception in 1958.

Paras Chowdhary, CEO, Ceat, said: "The shift to a new logo and a new look symbolises the strategic transformation at Ceat. The overall design accurately represents the company's vision of leading the industry in delivering best-in class products, innovation and services to consumers."

The company will be setting up two greenfield facilities for around Rs 900 crore. While one plant will be a dedicated radial truck and car facility, the other unit will be for making speciality tyres and off-the road tyres (OTR).

The company has applied to the Maharashtra government for land to set up the first unit in Ambernath, which will also house its R&D facilities. The company is in final round of talks to set up the second plant in Gujarat, Tamil Nadu or Karnataka.

The company is also in talks with international tyre majors for sourcing technology used in manufacturing radial tyres. An announcement to this effect is expected in the next two-three months.