CEAT (company)

CEAT Limited (formerly, Cavi Elettrici e Affini Torino)[4][5][6] is an Indian multinational tyre manufacturing company owned by the RPG Group. It was established in 1924 in Turin, Italy. It has a presence in global markets. CEAT produces over 165 million tyres a year and manufactures tyres for passenger cars, two-wheelers, trucks and buses, light commercial vehicles, earth-movers, forklifts, tractors, trailers, and auto-rickshaws. The current capacity of CEAT tyres' plants is over 800 tonnes per day.[7]

CEAT Limited
FormerlyCavi Elettrici e Affini Torino
TypePublic
IndustryTyres & Tubes
FoundedTurin, Italy (1924; 98 years ago (1924))
FoundersVirginio Bruni Tedeschi
HeadquartersWorli, Mumbai, India
Key people
Harsh Goenka (Chairman)
Anant Goenka (MD)
RevenueIncrease 63,302.5 million (US$830 million) (FY 2017–18)[1]
Increase 2,787.2 million (US$37 million) (FY 2017–18)[1]
Total equityIncrease 404.5 million (US$5.3 million) (FY 2017–18),[2][3]
Number of employees
~8,000
ParentRPG Group
Websiteceat.com

HistoryEdit

 
Ceat Formula Winter

The company was founded as Cavi Elettrici e Affini Torino (Electrical Cables and Allied Products of Turin) by Virginio Bruni Tedeschi in 1924, in Turin, Italy.[8] On 10 March 1958, the company was incorporated as CEAT Tyres of India, in Mumbai. Initially, the company collaborated with the Tata Group.[9] In 1972, the company set up a research and development unit at Bhandup. In 1981, Deccan Fibre Glass Limited was merged with the company.[10][11]

In 1982, RPG Group acquired the company, and in 1990, the company was renamed as CEAT.[9] In 1993, the company collaborated with Yokohama Rubber Company, to manufacture radial tyres at their Nashik unit.[12] In 1999, CEAT formed a joint-venture, named as CEAT Kelani, with Asia MotorWorks (AMW) and Kelani Tyres, to manufacture and market[13] CEAT tyres in Sri Lanka. in 2006, CEAT Kelani commissioned their first Sri Lanka-based radial-tyre manufacturing unit in Kalutara.[12] In 2009, AMW exited the joint-venture.[14]

ProductsEdit

CEAT manufactures tyres[15] for various types of vehicles like heavy commercial vehicles, light commercial vehicle, off-highway tyres, passenger cars, tractors, motorcycles and scooters, cycles and SUVs. It exports Asia.[9]

SponsorshipEdit

CEAT is the bat sponsor of cricketers Rohit Sharma, Shreyas Iyer, Mayank Agarwal, Ajinkya Rahane[16][17] and Harmanpreet Kaur.[18][19] From 2015–18, CEAT sponsored the strategic-timeout for the Indian Premier League (IPL).[20]

Anti competition practicesEdit

In April 2022, the Competition Commission of India raided the headquarters of CEAT along with other tyre companies like Apollo Tyres, MRF (Madras Rubber Factory) and Continental Tyre at multiple locations. Earlier in February the antitrust watch dog had released a statement about fining these tyre companies a total of Rs 1788 crores (of which CEAT fined Rs 252.16 cr.) for sharing price sensitive information among themselves to manage their cartelization of tyre prices for supplies to the public transport corporation of Haryana state. Earlier the All India Tyre Dealers Federation had complained to the Ministry of corporate affairs about this cartelization of these companies to increase the tyre prices. The ministry had then referred the case to the CCI.[21]

ReferencesEdit

  1. ^ a b "Ceat". moneycontrol.com.
  2. ^ "Stock Share Price | Get Quote | BSE".
  3. ^ "Add Ceat, target price Rs 923: ICICI Securities". The Economic Times. 2 June 2020.
  4. ^ Limited, CEAT. "CODE OF FAIR DISCLOSURE AND CONDUCT" (PDF).{{cite web}}: CS1 maint: url-status (link)
  5. ^ "What's in that name?". @businessline. Retrieved 9 September 2020.
  6. ^ "CEAT: its past and its present – Aragorn Group". Retrieved 9 September 2020.
  7. ^ – About us
  8. ^ "What's in that name?". @businessline. Retrieved 4 December 2018.
  9. ^ a b c "CEAT: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of CEAT - NDTV". www.ndtv.com. Retrieved 4 December 2018.
  10. ^ "Ceat History | Ceat Information - The Economic Times". economictimes.indiatimes.com. Retrieved 4 December 2018.
  11. ^ Oberoi, Rahul (24 April 2020). "Watch out 94 big winners of last four bull markets! They may surprise again". The Economic Times.
  12. ^ a b Standard, Business. "CEAT Company History - Business Standard News | Page 1". Business Standard India. Retrieved 4 December 2018.
  13. ^ "Buying opportunity for investors as Sensex, Nifty off 34% from record highs; 3 stocks set to rise up to 26%". The Financial Express. 20 April 2020.
  14. ^ Today, Business. "BUSINESS TODAY -CEAT Kelani Holdings A Synergy Driven By Quality And Reliability". www.businesstoday.lk. Retrieved 4 December 2018.
  15. ^ "Tyre makers likely to see demand revival on govt's rural boost; CEAT, Apollo, JK Tyre in focus". Moneycontrol.
  16. ^ Laghate, Gaurav (22 October 2016). "CEAT signs four-year endorsement deal with Ajinkya Rahane". The Economic Times. Retrieved 4 December 2018.
  17. ^ Laghate, Gaurav (31 October 2018). "CEAT extends bat deal with Rohit Sharma by 3 years". The Economic Times. Retrieved 4 December 2018.
  18. ^ "Harmanpreet Kaur inks cricket bat deal with CEAT". Retrieved 4 December 2018.
  19. ^ Sharma, Harsh (26 November 2018). "Women in Blue marching into Men's commercial domain - InsideSport". InsideSport. Retrieved 4 December 2018.
  20. ^ Dasgupta, Pritha Mitra (12 March 2015). "CEAT Tyres to sponsor IPL strategic timeout". The Economic Times. Retrieved 4 December 2018.
  21. ^ "CCI Conducts Raids On Tyre Companies". 3 April 2022. Retrieved 4 April 2022.