Ceat approves funds for new tyre factory
At a meeting on 30 October, the Board of Directors of Indian tyre maker Ceat Ltd approved an Rs 4,200 billion (£43 million) investment to set up a new plant for producing tyres for two and three-wheeled vehicles. This planned facility is expected to have a daily capacity of 120 tonnes. It is understood that the facility will be built in the city of Nagpur, Maharashtra State, rather than in Karnataka State as originally planned.
In its first phase, the plant will employ around 1,200 workers. Total investment in the new facility is expected to amount to Rs 12,000 billion (£123 million), and some 2,850 direct jobs will be created when the second phase of work is completed.