Tyre manufacturer Ceat has announced an investment of Rs 2,800 crore spread over five years leading up to FY2022.

The investment is mainly aimed at expanding tyre manufacturing capacity across vehicle segments. While truck and bus radial capacity will increase by a million tyres per annum, two-wheeler tyre capacity will stand augmented by 17 million tyres and for passenger car radials by 6 million tyres. The investment is to be funded through a mix of debt and equity.

Announcing the investment today, Anant Goenka, managing director of Ceat, said: “In order to boost growth in our focused segments of two-wheeler and passenger car radials, we are expanding capacities over the next five years. With the growth in radialisation of the truck segment, we have decided to increase our truck and bus radial capacity by a million tyres per annum to maintain our market share.”