Published On:November 4 2014
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Ceat Tyres to set up Rs. 1,200 crore plant in Butibori.
In a bid to bring big ticket industrial investment in the city, chief minister Devendra Fadnavis has wooed Ceat Tyres for setting up a unit at the Maharashtra Industries Development Corporation's (MIDC) Butibori estate.
The RPG group company submitted its official proposal to MIDC recently to which the chief minister responded by handing over a letter of intent (LoI) to the tyre-maker. Ceat plans to come up with a unit entailing an initial investment of Rs. 400 crore and create 1,200 jobs. It will eventually have an investment Rs. 1,200 crore and 2,850 direct jobs. This will get it a mega project status that makes it eligible for tax sops from the state government. The company has been offered 50 acres of land. It can choose from the existing industrial estate or additional area coming up in close vicinity, said a source in MIDC.
Sources in MIDC said originally Ceat had plans to set up the unit at Karnataka. However, a MIDC team took up the case with its management. After hectic parleys during last fortnight, a team of Ceat's officials visited the site and were impressed with the infrastructure.