Geared to boost Economy with massive export potential

Sri Lanka’s largest manufacturing facility for tyres and radials, Ferentino Tyre Corporation (Pvt) Limited, was declared open by President Gotabhaya Rajapaksa yesterday (14). The occasion was also joined by Minister of Industries Wimal Weerawansa and Minister of Ports and Shipping Rohitha Abeygunwardena.

The facility constructed with an investment of USD 250 million is the brainchild of reputed entrepreneur Nandana Lokuwithana who currently holds Chairmanship of Ceylon Steele Corporation (Pvt) Ltd. The landmark project is the first and only of its 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 specialized category for SUVs, two-wheelers, three-wheelers, trucks, buses and solid tyres seamlessly combining local talent with sophisticated European technology.

A massive boost for country’s export sector, the new manufacturing plant seamlessly combines state-of-the-art European technology in tyre manufacturing with local craftsmanship for an optimum, world-class output. The project is 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. Phase 1 of the project has already been completed and thus was commissioned while construction of Phase 2 is well on scheduled to be completed in March 2022.

Speaking at the launch, Chairman of Ferentino Tyre Corporation (Pvt) Ltd Lokuwithana said: “We are excited to commence operations at this timely juncture giving the local economy the much needed gentle push to recover from post-pandemic challenges particularly pertaining to employment and export revenue. I would like to extend my gratitude to HE President for his vision of elevating Sri Lanka to become an industrial hub in the ensuing years & Government sector officials, especially BOI, who work tirelessly toward the same unified goal. I hope Ferentino Tyres will serve to inspire & incentivize other discerning investors to explore the many exciting opportunities that Sri Lanka holds.”

He highlighted that this manufacturing facility will be an equal opportunity employer having hired many capable & qualified females for technical roles changing the hitherto prevalent status quo in the manufacturing sector. Furthermore, the plant has been designed thoughtfully to be environmentally conscious.

Nandana Lokuwithana is a distinguished entrepreneur of global standing heading the Ceylon Steel Corporation Ltd & 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.