Ceat on Thursday said it planned to invest Rs.400 crore in the first phase to set up a tyre plant at Butibori in Nagpur, Maharashtra.
The plant will be set up in three phases. Ceat, the flagship company of RPG Enterprises, in a statement said, the first tyre is expected to roll out of the plant by April, 2016, and on completion, the plant will have a capacity to make 1.2 million tyres annually. The new plant will be highly automated, and will make two and three-wheeler tyres.
“With this plant, we are looking to double our capacities within two years,” Ceat Managing Director Anant Goenka said in the statement. “This will give us the added impetus to increase our market share,” he said.
As a leading player in the tyre industry, Ceat has a capacity of over 700 tonnes a day and offers a wide range of tyres and radials to segments such as heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts tractors, trailers, cars, motorcycles, scooters and auto-rickshaws.
