Ceat raises $10mn via ECB from ICICI Bank

Ceat has been sanctioned $10 million by way of external commercial borrowing (ECB) by ICICI Bank, Bahrain to meet the cost of expansion and modernisation programmes.

According to a release issued by Ceat to the BSE today, the company has been able to raise the 6-1/2 year ECB at 160 basis points above the prevailing six-months Libor.

The company will utilise part of the proceeds to enhance radial capacity at its Nashik plant from 40,000 tyres to 1,00,000 tyres per month in two phases, the release added.