CEAT to set up Rs 40-billion plant in Tamil Nadu, India
RPG Group company CEAT has signed a MoU with the Tamil Nadu, India government to invest Rs 40 billion in the state. The investment will spread over the next 10 years and will give direct employment to around 1,000 people, media reports said.
CEAT has already purchased land for the facility in the Sriperumbudur area. The MoU was signed in the presence of Tamil Nadu Chief Minister E Palaniswami and Anant Goenka, Managing Director of CEAT, a Business Standard report said.
A government release said the investment will spread over the next 10 years and will give direct employment to around 1,000 people.
An earlier CEAT report said that the company’s upcoming greenfield plant will bolster capabilities in the motorcycle tyre and passenger car tyre segments. As part of an expansion plan, the company has acquired land of Rs 673.1 million during the year.