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CEAT to set up tyre manufacturing facility, shares up
Thomas Cook India Ltd (TCIL) said numerous third parties are interested in buying the stake.
09 Feb 2012, 10:43 AM IST 
Irate passengers at a closed Kingfisher Airlines counter, Mumbai airport - Source: AP
Shares of tyre major CEAT traded with over 4.5% gains on the Bombay Stock Exchange today.
On Wednesday, the company had announced that it will set up a Greenfield tyre manufacturing facility in Bangladesh.
The company is targeting a 40% market share and will invest Rs 250 crore for a 65 ton per day plant. The plant will provide employment to 550 people in the first phase of operations, the company said.
"Bangladesh imports more than 95% of its tyre requirement, thus providing an interesting investment opportunity for the manufacture of bias ply tyres", the company said in a statement yesterday.
CEAT manufactures over 10 million tyres every year and enjoys a major market share in the light truck & truck tyre market.