BOI seals landmark US$ 171 Mn. investment with CEAT OHT Lanka

In a landmark development for Sri Lanka's manufacturing and export sector, CEAT OHT Lanka (Private) Limited has signed an agreement with the Board of Investment of Sri Lanka (BOI) to formalise a US$ 171 million investment, one of the largest recent investments from India into the country.

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This investment follows CEAT Ltd.’s acquisition of Michelin Group’s Construction Compact Line Business, including their Sri Lanka-based Midigama plant and Casting Product plant in Kotugoda. The transaction gives CEAT global ownership of the Camso brand, which will be permanently assigned across categories after a three-year licensing period. The acquisition closing process is ongoing.

The agreement strengthens Sri Lanka’s profile as a global hub for Off-Highway Tyres (OHT), positioning the country as a competitive centre for export-led growth.