Ceat Ltd, a part of the RPG conglomerate is one of the leading tyre manufacturers in India. The company offers the widest range of tyres to leading Original Equipment Manufacturers across the world. They manufacture a range of tyres catering various segments, which includes tires for heavy duty trucks and buses (T&B), light commercial vehicles (LCVs), earthmovers and forklifts (specialty segment), tractors, trailers, passenger cars (PC), motorcycles, scooters and auto-rickshaws. They produce over 7 million tyres a year and commands around 13% share of the Indian tyre market.
The company operates two plants in Maharashtra, one in Bhandup and the other in Nasik. They have a robust national network consisting of 34 regional offices and over 3,500 dealers among which approximately 100 are exclusive dealers running the CEAT Shoppe outlets for passenger cars segments and 96 exclusive dealers running the CEAT HUBs for Truck & Bus Segments. The company has their presence in 110 countries.
Ceat Ltd was incorporated in the year 1958 as Ceat Tyres of India Ltd in collaboration with Tata Group. The company was established with the main object to construct, produce, prepare, manufacture, press, vulcanize, repair, retread, purchase, sell, import and to deal in tyres, semi-tyres for all types of vehicles and inner tubes, flaps and repairs material in general. Over the last 50 years, the company has established a strong presence in both the domestic and the international markets.
In February 22, 1960, the first tyre rolled out from the company's factory at Bhandup in Mumbai. In the year 1972, they set up a Research and Development unit at their plant in Bhandup. In the year 1981, Deccan Fibre Glass Ltd was amalgamated with the company with effect from June 1, 1981.
In the year 1982, the RPG Group acquired the company. The company along with the Pradeshiya Industrial and Investment Corporation of UP Ltd. promoted a joint venture company, namely UPCOM Cables Ltd in technical collaboration with Ceat Cari of Italy.
During the year, CTI Investments Ltd, Ceat Investment Ltd and Ceat Finance Co Ltd became the wholly owned subsidiaries of the company. The company also entered into a collaboration agreement with Yokohama Rubber Company of Japan in order to keep abreast of the technological progress in the tyre industry as also to develop radial tyres suitable to the Indian road conditions.
In the year 1983, Atlantic Holdings Ltd and Malabar Coastal Holdings Ltd, became the subsidiaries of the company. In the year 1987, the company entered into a technical collaboration agreement with Toray Industries Inc of Japan for setting up a factory for the production of nylon industrial yarn/cord and nylon tyre cord fabric at Malanpur, in Madhya Pradesh.
In the year 1988, the company entered into an agreement with Boseki Co Ltd, Japan for improved technology for expansion of the licensed capacity of the fibre glass division to 5,000 tonnes per annum. In August 1988, Meteoric Industrial Finance Co Pvt Ltd became a subsidiary of the company and in July 1989, Murphy India Ltd amalgamated with the company.
The company changed their name from Ceat Tyres of India Ltd to Ceat Ltd on January 10, 1990. In the year 1993, the company entered into a collaboration agreement with Yokohama Rubber Company of Japan for the manufacture of Tyres at Nasik plant.
In the year 1996, the company launched a new radial car tyre 'Maestro', the first radial tyre in India to use state-of-the-art polyester tyre cord technology combined with steel belts. They also launched a new heavy-duty product 'Stamina', which is a light commercial vehicle tyre.
The radial tyre plant has commenced commercial production in Nasik and the formula one radial tyre was received in the market. Ceat is the first tyre company in India was awarded the International accreditation ISO/TS 16949 - 2002 Quality Standard Certification. The company entered into agreement with Pirelli of Italy for outsourcing radial tyres, which were marketed in the brand name, CEAT Spider Radials
During the year 2004-05, Malabar Coastal Holdings Ltd ceased to be a subsidiary company with effect from January 1, 2005. During the year 2005-06, CEAT Ventures Ltd, CEAT Holdings Ltd and Meteoric Industrial Finance Company Ltd, the wholly owned subsidiary companies amalgamated with the company with effect from April 1, 2006. During the year 2006-07, Associated Ceat Kelani Venture, the joint venture company in Sri Lanka commissioned their radial plant.
During the year 2007-08, the company proposes to set up two grassroot plants, one in Maharashtra for Specialty Tyres and the other for Radial Tyres for Cars, Utility Vehicles and Trucks at a total capital outlay of about Rs 900 crore. In March 2008, the company sold nearly seven acres of surplus land at Bhandup in Mumbai for Rs 1.3 billion.
During the year 2008-09, the company successfully implemented the scheme of arrangement and consequently, the investment undertaking of the company was transferred to CHI Investments Ltd with effect from July 1, 2007.
The company is in the process of setting up a plant in Halol, Gujarat with the initial capacity of 90 mt per day and a planned outlay of approximately Rs 500 crore. The plant is expected to be ready for commercial production during the financial year 2010-11.