$250 m state-of-the-art Tyre plant to open in Jan. 2020
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View of the factory.
Rigid Tyre Corporation (Pvt) Ltd built with an investment of US$250 million is scheduled to open in mid-January 2021. The construction of Phase 1 with an investment of $100 million has been completed while Phase 2 will be completed by mid-March 2022, the company said in a media release.
The landmark project is the first and only one of its kind in Sri Lanka and is tipped to be the largest such facility in the whole of Southeast Asia manufacturing passenger car Radials (PCR) including specialized category for SUVs, two-wheelers, three-wheelers, trucks, buses and solid tyres seamlessly combining local talent with sophisticated European technology.
“This export-oriented manufacturing plant with its impressive production capacity is expected to bolster the economy by revitalizing exports at this decisive juncture strengthening Government’s efforts to stabilise local currency in the face of the global pandemic. It is also expected to usher in thousands of new job opportunities, both directly and indirectly, once operations commence mid-January next year,” the statement said.
Elaborating on the project, Executive Director Dhammika Lokuwithana said: “It is the largest FDI in the last 10 years; it will also be one of the country’s foremost exporters when the production commences. Besides rejuvenating the export sector which has suffered due to different crises over the past few years, this project will also serve to revive the local rubber industry which Sri Lanka was once world renowned for. We intend to source all the necessary rubber locally which will empower the native rubber farmer, generate new job opportunities in the thousands and, more importantly, the country will benefit from exposure to European technology which is the unrivalled forerunner in the market in terms of performance, efficiency and environmental consciousness.”