Business
CEAT to save the country Rs 11 billion in forex
CEAT Kelani Holdings has announced that in response to the government’s policies to develop domestic industry, it has stepped up capacity utilisation across all its manufacturing plants to supply the full domestic requirement of truck and bus tyres, thereby helping to conserve much-needed foreign currency for the country.
Rising to the challenge of the temporary import restrictions in place, the company which already manufactures the majority of Sri Lanka’s tyre requirements said it could supply 100 per cent of the passenger bus and goods transport sectors’ tyre needs through domestic production.
This would represent a saving of Rs 11 billion a year in foreign exchange through import substitution, the company said.
“The role of local industry is primarily to supply domestic needs and export surplus production, which CEAT Kelani Holdings has done very successfully for many years,” the company’s Managing Director Mr Ravi Dadlani said. “We have periodically invested in expanding capacity and product range and now export to 16 countries. However, although we can supply 100% of the truck and Bus tyre requirement with current production, we also have the option if the need arises, to shift some of our export volumes of markets that have not yet opened up to cater to the domestic market and support the government’s effort to reduce foreign exchange outflows.”
Elaborating on the company’s capacity to meet additional domestic demand created by the restriction of imports, Dadlani disclosed that CEAT Kelani can currently produce two million tyres annually in many categories with an imminent addition within next few of weeks of a further 200,000 car and van radial tyres since new machinery is being installed pending the arrival of foreign technologists to commission the new capacity.
“It is also our opinion that in many applications it is cost-beneficial and a viable alternative to replace imported 10.00 R20 Radial Truck and Bus tyres with locally produced 10.00-20 Heavy Duty 18 PR Bias-ply tyres,” Mr Dadlani said, pointing out that with its ability to be re-treaded multiple times in a lifespan due to its robust heavy duty nylon construction, users can enjoy a lower cost per km from CEAT Truck and Bus tyres. He said this alternative, in addition to saving much-needed foreign exchange to the country, would also support the local tyre re-treading industry which currently is in need of more good quality nylon tyre casings for its growth.
Truck Bus tyres that fit 20-inch rims are among those that have been categorised as restricted for import at present, along with Car radial tyres that fit rims of 12, 13 and 14 inches.
CEAT Kelani has also announced that it has kept the prices of its tyres unchanged since December 2019 to support customers and the economy.
In July the Company launched ‘CEAT LYFMAX’ – a heavy-duty 10.00 R-20 size Bias-ply tyre for trucks, engineered and built specifically for users who consider heavy load-carrying capability with higher mileage a priority. Each tyre weighs a solid 52kgs (115 pounds) and has been extensively tested and benchmarked against two of the top imported brands attributed with load-carrying credentials in the local market.
CEAT Kelani Holdings is considered one of the most successful India – Sri Lanka joint ventures in the manufacturing sector. The joint venture’s cumulative investment in Sri Lanka to date totals Rs 8 billion, inclusive of Rs 3 billion committed in January 2018 for expansion of volumes, technology upgrades and new product development. The company’s manufacturing operations in Sri Lanka encompass pneumatic tyres in the radial (passenger cars, vans and SUVs), commercial (Bias-ply and radial), motorcycle, three-wheeler and agricultural vehicle segments.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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