Rs 1,000 crore CAPEX planned by CEAT
Multinational tyre manufacturing company CEAT has planned a capital expenditure (CAPEX) of Rs 1,000 crore for the current fiscal. The CAPEX aims to counter rising natural rubber and freight costs, with staggered 1.5-2.5% price hikes and an additional 5-6% expected.
In the CAPEX: Rs 250 crore will be spent on R&D, factories, moulds, IT, digital, and efficiency improvements. The rest would go towards increasing the output of truck and bus radial tires and adding downstream capacity for passenger car radials at the facility in Chennai.
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