Ceat Ltd, the flagship company of RPG Group on Wednesday announced Rs 1200 fresh investment into expansion of truck and bus radial capacity even as the second wave of pandemic has created a short term disruption.
The fresh investment approved by the board is over and above Rs 3500 crore investment announced by the company a few years ago. A part of this investment will go into expansion of the existing plant in Halol, Gujarat and the balance money will be used for setting up a brownfield facility in Chennai – company’s base for car radial tyres
Anant Goenka, MD of Ceat Tyres told ET, the company’s truck radial facility in Halol, on the outskirts of Baroda is expected to be utilised in a year’s time and then by then it would need a fresh capacity in 18 months – hence the company has taken the board approval.