Ceat sets up radial plant at Halol
Unfazed by the economic slump, CEAT Tyres, the flagship company of RPG Enterprises, has announced that it is building Rs 700 crore new radial tyre plant at Halol.
According to sources, the proposed plant, which covers 125 acres of land, will offer jobs to over 1,000 people in the first phase.
The sources further added that the new plant is expected to make 4 million tyres in the first phase of operation and subsequently its capacity would be enhanced in the coming quarters.
The reports said that Rs 700 investment in the plant would be done in two phases. In the first phase (2009-10), the conglomerate would pump Rs 500 crore while Rs 200 crore would be invested in second phase (2011-12).
While commenting on the plant, Mr. Harsh Goenka, Vice chairman of CEAT stated, “With Gujarat emerging as the next auto corridor of India, Ceat is confident this plant will give us the added mileage for increasing our market share.”
According to company officials, the first set of tyres will be introduced from the plant by May 2010.
Halol is an industrial town in Panchmahals District, in Gujarat.