(1888PressRelease)
March 13, 2008 - Mumbai - CEAT Ltd, the flagship company of the 13, 500 crore RPG Group and one of India’s leading tyre manufacturers has today signed an agreement with M/s. Ashford InfoTech Limited for development of a vacant portion of about 7 acres of land located at Village Road in Bhandup, Mumbai.
The proceeds of the sale will augment the expansion plans of the company. The transaction will not impact the Company’s existing tyre manufacturing operations or affect its existing workmen as the ongoing operations will continue in the usual manner on the balance portion of about 24 acres of land near the same location.
CEAT Tyres was established in 1958. Today it is one of India’s leading tyre manufactures, with an annual turnover of Rs.2391 crores. CEAT’s solid brand equity has empowered the company to establish a strong presence in both, domestic and international markets. CEAT tyres, tubes and flaps are renowned for their superior quality and durability, and are recognized by the famous line ‘born tough’.
CEAT has the widest range of tyres for all user segments – Heavy Duty Trucks & Buses, Light Commercial Vehicles, Earth Movers, Forklifts, Tractors, Trailers, Cars, two & three Wheelers -- up to 17 tyre categories. It has three large tyre manufacturing facilities in India – Mumbai, Nashik & Kerala, apart from its two Sri Lankan plants. CEAT was the first Indian tyre company to establish productin facilities outside India. CEAT is the market leader in Sri Lanka.
Exports are a key thrust area for CEAT. The Company currently exports tyres to over 100 countries and is looking at expanding business and entering newer markets. The company’s exports were Rs 412 crore for the last financial year.
Ushering in a new retail revolution into the Indian tyre industry, the company has plans to extend the number of CEAT Shoppes to over 100 for its customers and non-customers, as part of its strategy to reach out to the vast customer base. These shoppes will be exclusive CEAT retail tyre outlets, providing comprehensive expertise in tyres and tyre services -- all under one roof.
CEAT is the first tyre company in the India to get TS-16949:2002 quality certification
“The company is currently implementing plans to expand its radial car tyres and revitalize its existing product portfolio so as to garner a greater market share and deliver superior value proposition to its customers” said Mr Paras Chowdhary, Managing Director CEAT.
For Further Information
Jacqueline Patel: 9820133757
