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Ceat to set up new tyre plant

Tuesday, 04 Nov 2014
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Ceat is planning to set up a new tyre plant at the Maharashtra Industries Development Corporation's (MIDC) Butibori estate.


The RPG group company submitted its official proposal to MIDC on Monday following which it was handed over a letter of intent (LoI).


Ceat will set up the trye plant with an initial investment of Rs 400 crore, which will be eventually scaled up to Rs 1,200 crore.


This will get it a mega project status that makes it eligible for tax sops from the state government. The company has been offered 50 acre of land. It can choose from the existing industrial estate or additional area coming up in the vicinity.


Since Phase-II of the Butibori industrial estate is also coming up, the company can choose between the existing and new area.


Ceat has assured to start the operations within two years of land allotment.

 

More Project Info:

Tyres (Butibori) Project

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