Goenka reappointed as Ceat Ltd MD
The Board of Directors at Ceat Ltd. has reappointed Anant Goenka as the company’s managing director. His tenure has been extended for a period of five years, starting 1 April 2017.
CEAT Ltd.
The Board of Directors at Ceat Ltd. has reappointed Anant Goenka as the company’s managing director. His tenure has been extended for a period of five years, starting 1 April 2017.
Several leading Indian tyre makers are said to be bidding to acquire Falcon Tyres Ltd., the company that supplies the Dunlop tyre brand in Indian market. The Economic Times reports that Apollo Tyres, JK Tyre and Ceat Tyres are amongst the leading bidders.
According to the JD Power 2017 India Original Equipment Tire Customer Satisfaction Index Study 34 per cent of customers in India cannot recall their tyre brand. Furthermore, only 58 per cent of these customers say they “definitely would” repurchase the original brand, as compared to 65 per cent of those customers who could identify their brand.
Indian manufacturer Ceat Tyres is establishing a tyre factory in Bangladesh, according to local news source BDNews24. The Mumbai-based parent company of Ceat, RPG Group, has reportedly signed a joint venture agreement with AK Khan to set up the plant with an initial investment of $67 million.
Ceat, the Indian tyre manufacturer, has announced plans to increase production of truck and bus, passenger car and two-wheeler tyres. According to local news sources, the company said it will invest approximately 2,800 crore rupees over a five-year period leading up to 2022.
A new range of anti-puncture motorcycle tyres from Ceat Ltd. has been introduced in India. The Hindu Business Line states that the manufacturer is rolling out these products in the south of India and will gradually introduce the range into other parts of the country. Ceat is initially targeting the aftermarket as, so reports Nitish Bajaj, the company’s vice-president of marketing, OEMs are “price sensitive and take time to decide on anything new.”
The first phase of the greenfield factory project that Ceat Ltd began in late 2014 is now complete, the tyre maker reports. The Buti Bori plant, near Nagpur in India’s Maharashtra state, was commissioned on 28 March and has the capacity to produce 15 tonnes of two and three-wheeler tyres a day – some 40,500 pieces.
Indian tyre maker Ceat Ltd reports it has given its wholly-owned Ceat Specialty Tyres Ltd (CTSL) subsidiary land in Ambarnath, near the city of Mumbai, for the purpose of erecting a new greenfield radial OTR tyre factory on the site, and has further aided the project through an Rs 250 million (£2.6 million) equity investment in CTSL in the October to December 2015 quarter. Altogether, CTSL will invest Rs 3.3 billion (£33.8 million) to build a plant with an initial daily capacity of 40 tonnes.
CEAT, India’s second largest two-wheeler tyre company, has signed an exclusive distribution partnership with Pirelli. Pirelli was once the owner of CEAT – Cavi Electrici e Affini Torino SpA – but RPG acquired CEAT in India in 1982. Nevertheless Pirelli continued to hold the global rights for the brand until five years ago.
The two-wheel segment is a growth area for India’s Ceat Ltd; the tyre maker reports that its share of the two-wheeler tyre market grew from eight per cent in the 2012 financial year to 14 per cent two years later. The company is now targeting the country’s scooter market with a new tyre range.
Regional government ministers in India met with tyre makers on 18 December to discuss rubber prices. Chief minister of the state of Kerala, Oomen Chandy has chaired a meeting which proposed a minimum guaranteed price for rubber growers – a price of around Rs 125 to 130 (£1.25 to £1.30) per kilogramme was suggested. In recent times the price paid to Indian rubber growers has dipped as low as Rs 90 per kilogramme, a price considered unsustainable.
On 11 December 2014, Indian tyre maker Ceat Ltd laid the foundation stone for its new manufacturing facility in Buti Bori near Nagpur, Maharashtra state. The stone laying follows the 30 October approval by Ceat’s Board of Directors to invest Rs 4.2 billion (£42.4 million) to set up a plant producing tyres for two and three-wheeled vehicles. The facility’s planned capacity is 120 tonnes per day.
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.
Indian tyre maker Ceat Ltd. aims to build up a stronger presence in the European passenger car and commercial vehicle tyre markets in the coming years. As the company explained during Reifen 2014, its plan is to work together with local distribution partners for its Ceat and Alutra brands – using a separate partner for each – in a number of European national markets. Initial steps have already been taken and Altura-brand passenger car and truck tyres will thus be launched in Europe next year. From the products on Ceat’s Reifen show stand, it appears that both company brands generally utilise identical patterns.
The latest joint venture plant set up by India’s RPG Group and Sri Lanka’s Kelani Tyre will officially open next week, states Sri Lanka’s Daily Mirror. The publication says the Rs 600 million (£2.7 million) passenger car tyre radial factory, which is located at the existing Ceat Kelani site in Kelaniya, will enable the joint venture operation to increase its radial capacity by 70 per cent to 39,000 tyres a month.
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