CEAT Ltd seals USS 171 Mn. investment with CEAT OHT Lanka, assures job security for 1483 employees

CEAT Ltd has signed an agreement with the Board of Investment of Sri Lanka (BOI) to formalise a USS 171 million investment in CEAT OHT Lanka. This investment follows CEAT Ltd.’s acquisition of Michelin Group’s Construction Compact Line Business, including their Sri Lanka-based Midigama plant and Casting Product plant in Kotugoda. The agreement strengthens Sri Lanka’s profile as a global hub for Off-Highway Tyres (OHT), positioning the country as a competitive centre for export-led growth. A Tripartite Memorandum of Understanding has been signed between CEAT OHT Lanka, Michelin Lanka, and the Inter-Company Employees Union (ICEU), guaranteeing job security for approximately 1,483 employees.