Ceat Ltd. (CMP-Rs 192.85)
Ceat is close to finalise a land sale at Bhandup, Mumbai. The company has put 7 acre of land out of 32 acre which will fetch above Rs 100 crore. According to the company the deal will be finalise before the end of the financial year.
The current land sale will not have any impact on the company’s existing operations. Eventually the company would exit from its Bhandup operation and will shift manufacturing facilities to other low cost location. The company is scouting for laoactions to set 2 green-filed plants for its specialty tyres in Maharashtra and Uttrakhand, Gujarat or Tamil Nadu for radial tyres. Financing of Rs 700- 800 crore would be met from the proceeds of land sale.
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