Ceat, flagship company of RPG Group, on Thursday signed a memorandum of agreement with the State government to invest Rs. 4000 crore in a greenfield plant in Sriperumbudur near Chennai.Ceat has acquired 163 acres of land by itself for the project. Last week, the State cabinet approved the financial incentives for the project.
The MoU was signed in the presence of Chief Minister Edappadi K. Palaniswami and Anant Goenka, Managing Director of CEAT, State Industries Minister MC Sampath, among others. An official statement said the investment will spread over the next 10 years and will give direct employment to around 1,000 people.When the Ceat plant is finished, it will further boost the state’s tyre manufacturing capacity. According to the company’s latest annual report, it plans to utilise the proposed plant for exports. The plant is expected to begin production in a year.
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