Mumbai, (IANS) : Tyre manufacturer Ceat on Friday announced that its Board of Directors has approved an investment of Rs 2,800 crore (approximately), spread over a period of five years.

According to the RPG Group company, with this investment, Ceat’s capacity would go up by one million tyres a year for Truck Bus Radials (TBR), 17 million tyres per annum for two-wheelers and six million tyres per annum for Passenger Car Radials.

“In order to boost the growth in our focused segments of two-wheelers and Passenger Car Radials, we are expanding capacities over the next five years,” Anant Goenka, Managing Director, Ceat, was quoted as saying in a statement.

“With the growth in radialization of truck segment, we have decided to increase our Truck Bus Radial capacity by 1 million tyres per annum, to maintain our market share.”

The company elaborated that investments are proposed to be funded through a blend of debt and equity.

Additionally, the company’s board approved the appointment of Kumar Subbiah as Chief Financial Officer with effect from January 16, 2017, in place of Manoj Jaiswal, who takes over a different responsibility.