Ceat picks up majority stake in Sri Lankan JV
05 Jan 2010
Indian tyre maker Ceat Ltd said on Monday that it has hiked its stake in the company's Sri Lankan joint venture, Associated CEAT Holdings Co Pvt Ltd (ACHL), to 54.84 per cent by acquiring 36.84 per cent more stake in the firm.
The company has acquired 36,84,211 more equity shares of ACHL, it said in a filing to the Bombay Stock Exchange. It did not however disclose any financial detail about the deal.
With this, Colombo-based ACHL has become a subsidiary of the company, Ceat added. The remaining 45.16 per cent of ACHL is held by three associates of the company.
The company had announced its plans to acquire the 36.84 per cent in ACHL In July last year.
In a separate filing to the BSE, Ceat said Anant Vardhan Goenka has been appointed as the deputy managing director of the company with effect from Monday.
