Leading industrial tyre manufacturer Global Rubber Industries (Private) Limited (GRI) will be investing US $ 75 million in a tyre manufacturing plant in Horana, Mirror Business learns. A Cabinet brief yesterday said the approval was given to facilitate the project through the Board of Investment (BOI). “It’s Global Rubber Industries. We haven’t signed the agreement yet but the project will take two to three years to start,” BOI Chairman Upul Jayasuriya said responding to a query by Mirror Business.
According to the Cabinet brief, GRI will produce both radial and solid tyres at the plant, which is expected to create over 1,000 employment opportunities. The proposal was made to the Cabinet by Development Strategies and International Trade Minister Malik Samarawickrama. GRI is hoping to export 60 percent of the production at the factory. The company has major sales operations in Western countries and exports to over 50 countries worldwide. GRI already operates two tyre manufacturing factories in Sri Lanka. The company mainly produces tyres for material handling, agricultural, industrial and construction and off-road vehicles. It also produces tyres used in equipment and vehicles used in ports and airports.