ERJ staff report (DS)
Mumbai, India - Ceat Ltd, part of India's RPG group, has acquired global rights to the Ceat brand from Pirelli for a reported Rs 550 million (euro 9.1 million).
A Pirelli spokesman said, â€œWe are talking about Ceat brand only. Pirelli brand is clearly not the object of the bargain.â€
Indian media reported that the agreement will come into effect from December 2011.
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Ceat acquires global brand rights (for Pirelli); stk gains 9.6% News centre (India)
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Ceat acquires rights of Pirelli - TV Reuters (India)