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News about Ceat Limited

March 15th, 2007

The media had reports that Ceat Ltd may set up a third greenfield plant in the country with an investment of Rs 600 - 700 crore.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Ceat Ltd has vide its letter inter-alia stated,”Capacity expansion is not the immediate plan of the company. The idea of capacity expansion is still in the nascent/drawing board/discussion stages, and all aspects of the projects are under evaluation. After considering the pros and cons including all relevant data/information and the long term market scenario, the company shall be in a position to take a decision on capacity expansion. The evaluation is likely to take about 3-4 months. The decision to undertake capacity expansions, either by way of a greenfield project or otherwise shall depend on the above evaluation.”

Entry Filed under: Equities, Automobile, NSE