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| Exchange Disseminated Time | The Exchange had sought clarification from Ceat Ltd with respect to news appearing in Business Standard on December 12, 2014 titled "CEAT tyres to invest in Nagpur plant."
Ceat Ltd replied stating "We wish to inform ..
1. The Board of Directors had at its meeting held on October 30, 2014 approved an investment of Rs. 420.00 crores for setting up of a plant for manufacture of 2-3 wheeler tyres with a capacity of 120 MT/ day.
2. The Company had vide its letter dated October 30, 2014 informed of the same to the Stock Exchanges.
3. Subsequent to the above approval by the Board of Directors, the Company made an application for grant of lease of land at Buti Bori near Nagpur, Maharashtra to the Maharashtra Industrial Development Corporation (MIDC).
4. The Company was granted the lease by MIDC and the Company has completed laying of the foundation stone on December 11, 2014." |
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