CEAT Ltd, an RPG Enterprise company and one of India’s leading tyre manufacturers and A K Khan & Company Ltd., one of Bangladesh’s most reputed business houses, have signed an agreement to form a joint venture to set up a tyre manufacturing facility in Bangladesh. The joint venture forms part of the long term strategy for both the partners to have a presence in the growing tyre market in Bangladesh. Under the proposed Joint Venture, CEAT Ltd. will hold a 70pc shareholding and A K Khan & Company Ltd. will hold 30pc.
As per the joint venture agreement, CEAT Ltd. will provide technical and business expertise & manage the JV company operations while A K Khan & Company Ltd. will bring in their vast knowledge of Bangladesh market besides providing the strength of their goodwill and local presence.
Speaking on the occasion, Anant Goenka, Managing Director, CEAT Ltd noted, “We are pleased to partner with A K Khan & Company Ltd., one of the most reputed business conglomerates in Bangladesh. This strategic partnership will enable us to establish a leadership presence in the large tyre market of Bangladesh”
“The CEAT manufacturing facility at its full capacity will be able to cater to majority of the tyre requirement of Bangladesh. With this plant, our aim is to manufacture the high quality products using the best of local skills while contributing to the development of the local Bangladesh economy”, added Goenka.
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