CEAT lines up Rs 750 cr capex for FY24

CEAT Ltd has planned a capex of approximately INR750 crore for the current fiscal year, primarily aimed at increasing its production capacity of agri-radial tyres at the Ambernath plant in Maharashtra, according to CEO Arnab Banerjee. CEAT expects higher volumes supplied to original equipment manufacturers in Q3 and Q4 of this fiscal year, as the company is switching to bigger rim sizes with automaker approvals anticipated soon. The rural replacement market, where CEAT experienced significant growth in the first quarter, may take another two quarters for demand to recover.

from Auto-Industry-Economic Times https://ift.tt/eEkrxV1