Ceat raises stake in Sri Lanka

Ceat Ltd, said on Friday its Sri Lankan investment arm - Associated Ceat Holdings Company Pvt Ltd (ACHL) - had become a wholly-owned
subsidiary following its purchase of the remaining 4.5 million shares in the company.

Ceat held 54.84 percent stake in ACHL earlier. It did not say who the remaining shares had been acquired from. ACHL holds 50 percent in CEAT Kelani Associated Holdings Pvt Ltd, a joint venture with Sri Lanka's Kelani Tyres.