ECONOMYNEXT – Ferentino Tyre Corporation (Pvt) Ltd, an export oriented greenfield project which the firm says will be South Asia’s largest tyre factory, has been commissioned by Sri Lanka President Gotabaya Rajapaksa.
The factory has been built on a 155-acre Board of Investment industrial zone in Wagawatta, Horana.
The 100 million first phase was opened by President Gotabaya Rajapaksa on January 14, his media office said.
The firm is expected to export 80 percent of its output and sell 20 percent domestically.
Sri Lanka is currently under import controls after the central bank printed large volumes of money, triggering foreign exchange shortages.
The first stock of production is to be exported to the USA this month.
Ferrentino, earlier known as Rigid Tyre Corporation is promoted by entrepreneur Nandana Lokuwithana.
The second phase is expected to come on stream by March 2021.
Lokuwithana also heads Ceylon Steel Corporation and Onyx Group in the UAE.
His other investments include Marriot Al Jadaf Hotel in Dubai, a cement grinding plant in Mirijjawila Hambantota which will start in May 2021 and Marangoni Industrial Tyres Lanka (Pvt) Ltd. (Colombo/Jan14/2021)