MUMBAI, India (Oct. 29, 2013) — Indian tire maker Ceat Ltd. plans to nearly double car tire capacity at its 2-year-old plant in Halol, India, requiring an investment of $104 million.
Ceat did not provide a timetable for the expansion, which would expand the plant's capacity by about 80 percent to roughly 270 metric tons per day.
Ceat Managing Director Anant Goenka said the project is in response to rising demand in India for passenger and utility-vehicle tires, both from the OE and replacement markets.
The tire maker disclosed the expansion in its second quarter financial results. The $145 million plant opened in 2011.