Ceat Limited has informed that the Board of Directors of the Company, have decided to acquire entire 36.84% shareholding of Associated CEAT Holdings Company Pvt. Limited (ACHL), Sri Lanka, from Associated Motorways Limited, Sri Lanka, the Company's Sri Lanka JV.

However the decision is subject to the requisite approvals.

Post acquisition, Ceat'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.

The share of the company today closed at Rs 292 on BSE. The counter has made 52-week-high and low of Rs 380 and Rs 165 respectively.