Sri Lanka based tyre manufacturing company, Rigid Tyre Corporation Ltd has started construction to build the largest fully integrated tyre manufacturing plant in the country. UAE based Sri Lankan businessman Nandana Lokuwithana will run the project in Sri Lanka.
The plant will have a value of $250 million and it will manufacture radial products for light and heavy vehicles. The technology of Marangoni, leading tyre manufacturers in Europe, is supporting the project. The project will give jobs to more than 3,000 people in the township of Horana, 65km from the country’s capital, Colombo.
This project was scheduled to be executed in 2017 after getting Government approval in 2016, but many disputes regarding the allocation of land for the project saw it put on hold.
The plant will manufacture 30,000 tonnes of tyres and 400,000 tonnes of bias-ply truck tyres annually. Construction work at the site is under progress, and machines have been installed in the plant, ready to be commissioned.
Apart from tyre manufacturing, the Rigid Tyre Corporation will also start the production of high-density conveyor belts to support the global mining industry. High-pressure hydraulic pipes are also expected to be manufactured to serve the oil industry, and the plant hopes to be recognised as a multifunctional manufacturer. Former Prime Minister Ranil Wickremesinghe was the chief guest during the foundation ceremony where more than 1500 high profile invitees including public officials and ministers attended.