CEAT Limited has informed the Exchange regarding a press release dated August 22, 2025.
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CEAT Limited announced that its subsidiary CEAT OHT Lanka has signed a US$ 171 million (roughly ₹1,500+ crore) investment agreement with Sri Lanka's Board of Investment (BOI), one of the largest recent Indian investments in Sri Lanka's manufacturing sector. The investment will expand Off-Highway Tyre (OHT) and Tracks manufacturing capacity at facilities in Midigama and Kotugoda, focused on export-led production for compact construction equipment. This follows CEAT's earlier acquisition of Michelin Group's Construction Compact Line Business, including the Midigama plant and the Casting Product plant in Kotugoda, giving CEAT global ownership of the Camso brand (after a 3-year licensing period). A Tripartite MoU between CEAT OHT Lanka, Michelin Lanka, and the employee union guarantees job security for approximately 1,483 employees with no retrenchments. The acquisition closing process is currently ongoing.
This is a positive development for CEAT shareholders, reinforcing the company's position in the high-margin global OHT and tracks segment and embedding Sri Lanka into its international growth strategy. The deal expands CEAT's global manufacturing footprint and brand portfolio (Camso), though the $171 Mn investment commitment will require monitoring of execution, capex outflows, and integration of Michelin's acquired assets.