Ceat has received its board’s approval for an equity investment of Rs 50 crore for implementing a project for manufacture of specialty tyres (which includes off-the-road tyres) through a subsidiary i.e. CEAT Specialty Tyres (CSTL).
The company’s board at its meeting held on February 05, 2015, approved a further equity investment of Rs 60.00 crore whereupon the total equity contribution of the Company in CSTL will increase to Rs 110 crore.
Ceat is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.