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US Tariff Threat Drives Ceat to Rethink Production Plan
Mint New Delhi
|May 28, 2025
Proposed tariffs on Sri Lanka pushes firm to shift tyre production to India, protect Camso deal
Tyre maker Ceat Ltd will shift production for the US market to Indian facilities from Sri Lanka to salvage its biggest acquisition, Canadian tyre brand Camso, in case US President Donald Trump decides to go ahead with his plan to impose higher reciprocal tariffs on the island nation.
"We are in talks with the Sri Lankan government. There is hope that the situation will be resolved. However, we have our mitigation strategies in place in case trade deals do not materialise," Arnab Banerjee, managing director and chief executive, Ceat, told Mint.
India's fourth-largest tyre player acquired Camso, which gets nearly one-third of its business from the US, in December 2024 for $225 million (about 1,900 crore) in an all-cash deal from France-based Michelin group. In 2023, Camso posted a revenue of $213 million. The acquisition gave the RPG Group flagship control over two manufacturing units in Sri Lanka and over 40 global markets, including the US.
This story is from the May 28, 2025 edition of Mint New Delhi.
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