Horana, Sri Lanka– Ferentino Tire Corp. PVT Ltd has officially opened its $250-million plant for the manufacture of tires for passenger cars, SUVs, motorbikes and other vehicles, the Sri Lankan government has announced.
The facility, sited on 155 acres of land within the Horana Wagawatta industrial zone, was inaugurated 14 Jan by the country's president Gotabhaya Rajapaksa.
The project, which carries a first-phase investment of $100 million, features the use of “the latest machinery in the world with European technology,” said the official statement. Phase 2 is scheduled to be completed in March 2022.
Annual capacity is slated to reach 2.4 million units, around 80% of which will be exported – with the first consignment earmarked for shipping to the US this month.
“The project will lead to the creation of a large number of direct and indirect jobs and the high prices offered to local rubber growers,” continued the statement.
The company, it noted, has also taken steps to recruit qualified women for the posts “in the technical divisions beyond the existing standard limits in the manufacturing sector.”
At the opening event, Ferentino Tire chairman Nandana Lokuwithana welcomed president Rajapaksa, who inspected the manufacturing process at the tire plant.
Lokuwithana also heads the Ceylon Steel Corp. and Ony Group in the UAE, and includes Marangoni Industrial Tyres Lanka (Pvt) Ltd in his portfolio of investments.