Ceat sells land in Mumbai for Rs 130cr

Ceat, India's fourth-largest tyre maker, has signed a deal to sell a part of its land, measuring seven acre, in the Mumbai suburb of Bhandup for Rs 130 crore. An agreement has been signed with Ashford InfoTech for development of the land.

Ceat intends to use the proceeds for expansion plans, which includes setting up two facilities in the country. The company will invest Rs 800 crore in the greenfield projects.