Ceat upbeat on demand pickup

Tyre major Ceat is aiming at increasing production capacity to around 1,400 tonne a day over the next 18 months as it looks to cater to the enhanced demand in both domestic and export markets, a top company official said. The RPG Group flagship expects demand to gather pace in the domestic market in the next few quarters. The company is already witnessing demand recovery in several of its export markets with improvement in Covid situation in those geographies. The company, which produces tyres for all kinds of two- wheelers, passenger and commercial vehicles, plans to invest about Rs 1,000 crore capital expenditure for various expansion projects this fiscal year. "Our total production capacity is around 1,100 tonne per day and we will be looking at taking this up to 1,300 to 1,400 tonnes per day over the next 1.5 years," Ceat Managing Director Anant Goenka told PTI in an interaction.