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Sri Lanka Equity Forum » Stock Market Talk » Italian firm mulls Tyre manufacturing in Sri Lanka with USD75mn

Italian firm mulls Tyre manufacturing in Sri Lanka with USD75mn

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fireshelter

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
June 15, 2016 (LBO) – An Italian firm has sought BOI approval to set up a radial and industrial Tyre manufacturing and retreading plant in Horana area as a joint project with the Ceylon Steel Corporation.
The 100 acres of land which will be acquired through the UDA is to be allocated to Ceylon Steel Corporation on a 99-year lease for the project.
The 75 million US dollars (Rs10.87bn) worth factory is expected to produce 3 million Tyres annually and scheduled to export 75 percent of the output.
The project is expected to provide 3,700 direct and indirect employment opportunities and estimated gross turnover is 100 million Euros annually.
Cabinet approval has also been given to recover the value of the land including infrastructure cost with other services to be rendered by the government from the investor.

kassachandimal


Manager - Equity Analytics
Manager - Equity Analytics
EC i would like to get opinion about the affect that TYRE will face with regard to the above news ?

EquityChamp

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Moderator
Its too early to comment but having a bit of competition is healthy for any industry. Also by looking at the article the new entrant is a focus player on exports. Only 25% to be for local sales. Think they are eying the 2nd spot in the market.

If you look at TYRE , they are producing superior products. Quality is very satisfactory and they have build a reputation as well as client base. When it comes to completion these are the key. I think TYRE will be solid even in this environment but they need to have a proper strategy to deal with competition.

Thanks

kassachandi


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thanks for da promt reply Mr EC

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