President Gotabaya Rajapaksa declared open the Ferentino Tyre Corp at the Wagawatte Export Processing Zone in Horana.
The facility is spread across 155 acres of land in Horana.
The new plant will provide up to 3000 direct employment opportunities, and three times as many indirect employment opportunities.
The plant would also produce passenger car tyres along with industrial range of tyres for European and other international markets.
Estimated at US$ 250 Million, the project’s Phase 1 has been completed while Phase 2 is slated to be completed and ready for commissioning in March 2021. (Colombo Gazette)