MUMBAI: With an aim to ensure better pricing and strong network worldwide, Mumbai-based tyre company CEAT has acquired the global rights of CEAT brand from Italian tyre manufacturer Pirelli. The deal has been completed at Rs 55 crores.
"We have been negotiating with Pirelli for the last two years to acquire the global brand rights of CEAT. While the acquisition will give us pricing advantage, it will also help us source CEAT tyres from countries such as China and distribute it across the globe," said, Harsh Goenka, Chairman, RPG group.
After this deal RPG group, owner of CEAT brands will get the exclusive global rights of the tyres. In Latin America, however, the company will use the brand name CEAT along with Pirelli.