President opens South Asia’s biggest US$ 250 million tyre factory

by Sanath Nanayakkare

President Gotabaya Rajapaksa inaugurated South Asia’s largest tyre factory built at a cost of US$ 250 million, at Wagawatte in Horana on Thursday.

Ferentino Tyre Corporation (Pvt) Limited is Sri Lanka’s biggest manufacturing facility for tyres and radials.

Ferentino Chairman Nandana Lokuwithana recalled how he was continuously motivated by President Gotabaya Rajapaksa to kick-start the plant without any delay.

“The President not only emphasized on getting the factory started but also mobilized and provided the support of relevant government institutions including the Board of Investments (BoI) towards getting the infrastructure and other operational aspects in place to ensure its commencement,” he said.

Lokuwithana said that the local manufacturers and entrepreneurs are encouraged by the President’s vision to boost production of goods for the local and export markets. “We believe we can rely on the government’s support in the future too,” he said.

The opening ceremony was also attended by Minister of Industries Wimal Weerawansa and Minister of Ports and Shipping Rohitha Abeygunwardena. The facility constructed with an investment of USD 250Mn is the brainchild of reputed entrepreneur Nandana Lokuwithana, the incumbent Chairman of Ceylon Steel Corporation (Pvt) Ltd.

The project will be the largest such facility in Southeast Asia manufacturing Passenger Car Radials (PCR) including specialized category for SUVs, two-wheelers, three-wheelers, trucks, buses and solid tyres seamlessly combining local talent with sophisticated European technology.

The new manufacturing plant combines state-of-the-art European technology in tyre manufacturing with local craftsmanship for an optimum, world-class output. The project was facilitated by the Board of Investment of Sri Lanka (BOI) and aims to generate a substantial amount employment opportunities directly and indirectly.

Ferentino Tyres will use locally sourced rubber as a main ingredient thereby compelling the local industry to level itself to deliver to the global expectation. The Phase 1 of the project has already been completed and commissioned while the construction of Phase 2 is scheduled to be completed in March 2022.

Lokuwithana also heads Onyx Group in the UAE with a host of subsidiaries including a steel fabrication company. His other investments include: Marriot Al Jadaf Hotel in Dubai, up-coming state-of-the art Cement Grinding Plant in Mirijjawila, Hambantota slated to be commissioned in May 2021 and Marangoni Industrial Tyres Lanka (Pvt) Ltd.