Ceat to invest Rs. 300 crore ($45 million) in new tire plant in Maharashtra: Q3 net profit up 27%

摘要

Tire maker Ceat will invest Rs. 300 crore ($45 million) to set up a manufacturing facility in Maharashtra, India to primarily serve export market for off-the-road (OTR) radial tires. The company, which on 12th February reported 27.03% increase in consolidated net profit at Rs. 113.40 crore ($16 million) for the third quarter ended 31st December, has already transferred its land in Ambernath, Maharashtra, India to its wholly-owned subsidiary Ceat Specialty Tyres Ltd. (CSTL) to set up the plant. Besides, Ceat has made an equity investment of Rs. 25 crore ($3 million) to CSTL.