Ceat has decided to set up a new manufacturing facility in Chennai with an investment of Rs 20 billion in the next three to five years.
The first phase of the tyre major’s facility is expected to start production in 2019. The RPG Enterprise flagship firm has already acquired a 163-acre land parcel for the project.
In its annual report, Ceat said, “the company is setting up a greenfield plant with an estimated investment of approximately Rs 20 bn to be spent over three to five years.”
It further said that civil work for the first phase of the project has begun and the plant is expected to begin production in the next 12 months.
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