|Tyre-maker CEAT Tyres is setting up a new plant in Butibori, Nagpur, and will invest Rs. 400 crore in the first phase of what will be a three-phase investment.|
Devendra Fadnavis, Chief Minister of Maharashtra, laid the foundation stone for the plant, which is scheduled to begin operations by April 2016.
Spread across 60 acres of land, the plant is expected to manufacture 1.2 million tyres.
"With this plant we are looking to double our capacities within two years. This will give us the added impetus to increase our market share," Anant Goenka, Managing Director, CEAT Ltd., said in a statement.
The new plant will be equipped with highly automated manufacturing machinery chosen from the world market, and will manufacture two- and three-wheeler tyres. The production process will have the ISO 14001 certification for environment management systems and OHSAS 18001 for safety, health and environment.
Two-wheeler production volumes are expected to double in the next two years owing to the capacity.