CEAT (company)

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CEAT Limited
FormerlyCavi Elettrici e Affini Torino
Company type Public
Industry Tyres & Tubes
Founded1924;100 years ago (1924), in Turin, Italy
FoundersVirginio Bruni Tedeschi
Headquarters Worli, Mumbai, India
Key people
 Harsh Goenka (Chairman)
Anant Goenka (Vice Chairman)
Arnab Banerjee (MD & CEO)
RevenueIncrease2.svg₹11,332 crore (US$1.4 billion) (2023)
Increase2.svg₹974 crore (US$120 million) (2023)
Increase2.svg₹186 crore (US$23 million) (2023)
Total assets Increase2.svg₹9,628 crore (US$1.2 billion) (2023)
Total equity Increase2.svg₹3,439 crore (US$430 million) (2023)
Number of employees
~8,000
Parent RPG Group
Website ceat.com

CEAT Limited (formerly, Cavi Elettrici e Affini Torino) [1] [2] [3] 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. [4]

Contents

History

Ceat tires at a tractor in Belgium Nannekooiman werktuigendagen.jpg
Ceat tires at a tractor in Belgium

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. [5] On 10 March 1958, the company was incorporated as CEAT Tyres of India, in Mumbai. Initially, the company collaborated with the Tata Group. [6] In 1972, the company set up a research and development unit at Bhandup. In 1981, Deccan Fibre Glass Limited was merged with the company. [7] [8]

In 1980, Alberto, son of Virginio, sold the Cavi Elettrici e Affini Torino to investment firm SOFIT, which went on to cut jobs. Oweing to it, in 1981, the company failed in Italy and Pirelli purchased the right to the CEAT name, which it sold to RPG Group in 1983. [9]

In 1982, RPG Group acquired the company, and in 1990, the company was renamed as CEAT. [6] In 1993, the company collaborated with Yokohama Rubber Company, to manufacture radial tyres at their Nashik unit. [10] In 1999, CEAT formed a joint-venture, named as CEAT Kelani, with Asia MotorWorks (AMW) and Kelani Tyres, to manufacture and market [11] CEAT tyres in Sri Lanka. in 2006, CEAT Kelani commissioned their first Sri Lanka–based radial-tyre manufacturing unit in Kalutara. [10] In 2009, AMW exited the joint-venture. [12]

Products

CEAT manufactures tyres [13] 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. [6]

Sponsorship

CEAT is the bat sponsor of cricketers, Rohit Sharma, Shubman Gill, Shreyas Iyer, [14] Shafali Verma and Harmanpreet Kaur. [15] [16] Currently CEAT sponsors the strategic-timeout for the Indian Premier League (IPL) and Women's Premier League (WPL). [17]

Anti competition practices

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 Tyres 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. [18]

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References

  1. ↑ Limited, CEAT. "CODE OF FAIR DISCLOSURE AND CONDUCT" (PDF).
  2. ↑ "What's in that name?". @businessline. Retrieved 9 September 2020.
  3. ↑ "CEAT: its past and its present – Aragorn Group" . Retrieved 9 September 2020.
  4. ↑ – About us
  5. ↑ "What's in that name?". @businessline. Retrieved 4 December 2018.
  6. 1 2 3 "CEAT: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of CEAT - NDTV". www.ndtv.com. Retrieved 4 December 2018.
  7. ↑ "Ceat History | Ceat Information - The Economic Times". economictimes.indiatimes.com. Retrieved 4 December 2018.
  8. ↑ Oberoi, Rahul (24 April 2020). "Watch out 94 big winners of last four bull markets! They may surprise again". The Economic Times.
  9. ↑ "CEAT (Cavi Elettrici e Affini Torino) - MuseoTorino".
  10. 1 2 Standard, Business. "CEAT Company History - Business Standard News | Page 1". Business Standard India. Retrieved 4 December 2018.{{cite news}}: |first= has generic name (help)
  11. ↑ "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.
  12. ↑ Today, Business. "BUSINESS TODAY -CEAT Kelani Holdings A Synergy Driven By Quality And Reliability". www.businesstoday.lk. Retrieved 4 December 2018.{{cite web}}: |first= has generic name (help)
  13. ↑ "Tyre makers likely to see demand revival on govt's rural boost; CEAT, Apollo, JK Tyre in focus". Moneycontrol.
  14. ↑ Laghate, Gaurav (31 October 2018). "CEAT extends bat deal with Rohit Sharma by 3 years". The Economic Times. Retrieved 4 December 2018.
  15. ↑ "Harmanpreet Kaur inks cricket bat deal with CEAT" . Retrieved 4 December 2018.
  16. ↑ Sharma, Harsh (26 November 2018). "Women in Blue marching into Men's commercial domain - InsideSport". InsideSport. Retrieved 4 December 2018.
  17. ↑ Dasgupta, Pritha Mitra (12 March 2015). "CEAT Tyres to sponsor IPL strategic timeout". The Economic Times. Retrieved 4 December 2018.
  18. ↑ "CCI Conducts Raids On Tyre Companies". 3 April 2022. Retrieved 4 April 2022.
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