Indian tyre manufacturer Ceat is planning to invest around 40 billion rupees (£442.4 million; 499.8 million euros; $482 million) in the construction of a greenfield tyre manufacturing facility near Sriperumbudur, 40 kilometres west of Chennai. The Times of India reports that the Tamil Nadu cabinet met on Wednesday 27 June to “approve the new project and offered a structured incentive package for the unit, which when becomes operational in about a year, will directly employ 1,000 people”.