Rigid Tyre Corporation (Pvt) Ltd, built with an investment of USD 250 million, is slated for opening in January.Minister of Industries, Wimal Weerawansa visited the state-of-the-art, fully-integrated manufacturing plant last week.
The construction of Phase 1 with an investment of USD 100mn has been completed while Phase 2 will be completed by mid-March 2022.
The landmark project is the first and only 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 specialised 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 is expected to usher in thousands of job opportunities, directly and indirectly, after operations commence. Executive Director Dhammika Lokuwithana said, “It is the largest FDI in the past ten years and will be one of the country’s foremost exporters when production commences.
This project will also serve to revive the local rubber industry.“We plan to source all the rubber locally which will empower the native rubber farmer, and 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,” he said. The Chairman of Rigid Tyre Corporation, Nandana Lokuwithana said “Investments such as these set a good precedent, cementing Sri Lanka’s position as a haven for investors globally. This falls in line with the Government’s vision to position the country as an industrial hub in the foreseeable future.”