Ceat Tyres, the tyres and tubes making company of the Rs 7,600-crore RPG Enterprises, will raise cash through various routes to meet funding requirements of Rs 590 crore.
While a part of the money would go into funding the Rs 700 crore new tyre plant in Halol, Gujarat, the company is planning to increase its capacity in Nashik through investments of Rs 30 to 40 crore.
“We would need to raise cash through various routes for the project. We would also use internal accruals and various other incomes to meet the funding requirements of the project,” said Arnab Banerjee, executive director, sales, marketing and outsourcing, Ceat.
The company had seen a tough year particularly in the export market, which had taken a massive hit similar to most other companies in the segment.