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Message: <blockquote data-quote="monson" data-source="post: 24354714" data-attributes="member: 30005">Production to begin at US $ 250mn Rigid Tyre plant from NovemberSri Lanka’s largest tyre plant, Rigid Tyre factory in Horana, is scheduled to begin its operations this November with over 65 percent construction of the plant already being completed, Development Strategies and International Trade Deputy Ministry Nalin Bandara said.Rigid Tyre, part of the United Arab Emirates-based Onyx Group, has invested US $ 250 million in the plant located at the Board of Investment (BOI) Export Processing Zone in Wagawatte, Horana. According to Rigid Tyre Corporation (Pvt.) Ltd, the plant is expected to produce million passenger car tyres, two million truck and bus radial tyres and one million two-wheeler tyres per annum. Further, the plant would also manufacture 30,000 tonnes of solid tyres and 400,000 tonnes of bias-ply truck tyres.However, the project faced several roadblocks including disputes in allocating required land for the facility after securing the Cabinet approval in 2016.After clearing the obstacles, Rigid Tyre increased its investment to US $ 250 million, from US $ 75 million. Bandara said the construction of the plant has rapidly progressed while the setting up of machines in the plant has already been commenced. According to the BOI, the investor is considering to further upscale the investment by another US $ 50 million.The government expects the plant to create 3,000 direct employment opportunities and possibly three times as many indirect jobs, once it comes into full operations.- <a href="http://www.dailymirror.lk/business-news/Production-to-begin-at-US---250mn-Rigid-Tyre-plant-from-November/273-165011" target="_blank">http://www.dailymirror.lk/business-news/Production-to-begin-at-US---250mn-Rigid-Tyre-plant-from-November/273-165011</a></blockquote>

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