CEAT to come up with a tyre plant in Bangladesh
CEAT has announced that it will be setting up a new tyre manufacturing plant in Bangladesh with the first tyre expected to roll out of the facility by the end of 2013. With a total investment of Rs 250 crore, in its first phase of operation, this plant will employ more than 550 people and will manufacture LCV, 2- and 3-wheelers and truck bias tyres for the Bangladesh market. At present, Bangladesh imports more than 95 per cent of its tyre requirement for its 160 million population and CEAT plans to capture 40 per cent of the market by 2015.
Speaking on this occasion, Anant Goenka, deputy managing director, CEAT said, "Bangladesh economy has been growing at around 6-7 per cent for the last five to six years. Our aim is to put up a plant that manufactures the best quality products using the best of local skills while contributing to the development of the local Bangladesh economy."
