Business
Ferentino Tyre Corp US$ 250mn plant to be opened
Gearing for one-of-a-kind production in the region
• 80% of production to be exported
• Combines local talent with European technology
• More focus on building tyres for SUVs
by Sanath Nanayakkare
Southeast Asia’s largest tyre manufacturing facility – Ferentino Tyre Corp in Wagawatte Export Processing Zone in Horana is scheduled to be opened by President Gotabaya Rajapaksa on Friday- January 14.
Ferentino Tyre Corporation (Pvt) Ltd is a venture facilitated by the Board of Investment of Sri Lanka (BOI) which consists of state-of-the-art European technology optimised to deliver substantial production volumes.
Estimated at US$ 250 Million, the project’s Phase 1 has been completed while Phase 2 is slated to be completed and ready for commissioning in March 2021.
Ferentino Tyres is the brainchild of well-known entrepreneur and Chairman of Ceylon Steel Corporation Nandana Lokuwithana.
“I am excited about the project as I’m confident it will serve to bolster the economy by way of boosting export revenue as well as generate many new occupational opportunities. We also intend to source our entire requirement for rubber locally thereby empowering the rubber farmers. This project is certainly a win-win for all parties involved,” Lokuwithana said.
The landmark project is one of a 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.
The export-oriented manufacturing plant with its impressive production capacity is expected to bolster the economy by revitalizing exports at this decisive juncture supporting the government’s efforts to bolster foreign reserve levels in the face of external challenges. It is also expected to create thousands of new job opportunities, both directly and indirectly.
Chairman of Ferentino Tyre Corporation (Pvt) Ltd is a businessman of international repute heading ONYX Group in the UAE, Mariott Al Jaddaf Hotel in Dubai and the upcoming state-of-the-art cement factory in Mirijjawila, Hambantota valued at USD 75nn.
Speaking about the Ferentino projects he said,” The first phase of the project worth US$ 100 million is an investment done on our own 100% in an extent of 160 acres. The second phase worth US$ 150 million will be done with a partner and negations for this are underway”.
When ‘The Island Financial Review‘ asked what he felt about being a controversial figure some years ago as someone drew strong criticism and opposition towards his work he said,” Well, that was earlier when they had not understood me and my work correctly, and without knowing me well they gave their versions of me”.
Ferentino Executive Director Dhammika Lokuwithana thanked the government and the BOI for helping to bring the vast area of marsh to its present level within a period of three and a half years for the export-oriented company to operate in.
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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