Ceat Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 24, 2009, has decided, subject to the requisite approvals, to acquire entire 36.84% shareholding of Associated CEAT Holdings Company (Pvt.) Ltd (ACHL), Sri Lanka, (Associated Motorways Ltd, Sri Lanka, the Company’s Sri Lankan JV.
On completion of this acquisition, the Company’s shareholding in the JV will increase to 54.84% and, consequently, ACHL will become its subsidiary. The remaining 45.16% of ACHL is currently held by three associates of the Company.
Source: Bseindia.com