CEAT to Invest US$171mn in Sri Lanka OHT Tyre and Track Plants

CEAT to invest US$171mn in Sri Lanka OHT tyre and track plants

ECONOMYNEXT – India’s CEAT group said it has inked a deal with Sri Lanka’s Board of Investment to spend 171 million dollars to expand off-highway-tyre (OHT) and track plants in Sri Lanka, which were acquired from Michelin. CEAT bought a tyre plant in Midigama plant and a casting product plant in Kotugoda as part of the deal. “With CEAT’s vision of expanding our global off-highway tyre business, we have great plans for this country,” Amit Tolani,…

CEAT’s US $171m BOI deal boosts Sri Lanka tyre exports growth - LNW Lanka News Web

By: Staff WriterAugust 25, Colombo (LNW): CEAT OHT Lanka Ltd. yesterday announced that it has signed an agreement with the Board of Investment (BOI) of Sri Lanka to formalise a landmark investment of $171 million, one of the largest inflows from India in recent years, aimed at strengthening the island’s manufacturing and export profile.The investment follows CEAT Ltd.’s global acquisition of Michelin Group’s Construction Compact Line business, i…

CEAT OHT Lanka Signs $171M Investment Pact with Sri Lanka BOI

India’s CEAT Ltd. announced on Friday that it will expand tyre manufacturing capacity at its export-oriented plants in Sri Lanka, amid growing tariff pressures on shipments from India to the United States. CEAT’s subsidiary, CEAT OHT Lanka, signed a $171 million investment agreement with the Board of Investment of Sri Lanka, aimed at ramping up production of tyres and construction equipment tracks for global markets. The company said the move un…

BOI seals landmark US$ 171 Mn. investment with CEAT OHT Lanka - Lanka Business News

Agreement formalises one of the largest Indian investments in Sri Lanka’s manufacturing sector Investment will expand Off-Highway Tyre (OHT) and Tracks manufacturing capacity in Sri Lanka Facilities at Midigama and Kotugoda to focus on export-led production of tyres and tracks for compact construction equipment Job security assured for 1483 employees through Tripartite MoU Investment strengthens Sri Lanka’s standing as a global export hub for hi…