Tyre maker Ceat today said it has hiked its stake in the company's Sri Lankan joint venture (JV) Associated CEAT Holdings Company (ACHL) to 54.84 per cent by acquiring 36.84 per cent more stake in the firm.

The company has acquired 36,84,211 equity shares of ACHL and Ceat's shareholding in ACHL has now increased to 54.84 per cent, Indian tyre maker said in a filing to the BSE.

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ACHL, which is based in Colombo, has become a subsidiary of the company, Ceat added.

The remaining 45.16 per cent of ACHL is at present, held by the three associates of the company.

In July last year, the company had announced its plans to acquire the 36.84 per cent in ACHL.

Meanwhile, in a separate filing to the BSE, Ceat said Anant Vardhan Goenka has been appointed as the deputy managing director of the company with effect from today.

Shares of Ceat today closed at Rs 148.95, higher by 3.45 per cent from its previous close on the BSE.

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