Sri Lankan company continues US$ 100 million production plant expansion amidst Covid 19
Global Rubber Industries (GRI) in Sri Lanka has reportedly announced that the second phase expansion of it’s production facility which commenced in January is progressing well despite challenges posed by travel restrictions due to the Covid 19 pandemic.
The Company has stated that the new and advanced specialty tyre manufacturing plant is being built next to GRI’s current facility with a total investment of US$ 100 million.
According to local media reports, the aim is to enhance GRI’s current production capacity to 750,000 tyres per year with a total capacity of 100 tons per day.
With the ongoing expansion, the installed machine capacity has increased from 25 tons per day in January to 35 tons per day presently and the plan is to reach a production capacity of 1,000 tons of tyres per month by July, according to media reports.
“The building expansion work is ongoing for the entire land. We will be doubling the extent of the production facility. The total area will be 220,000 sq. ft., which is the size of over four football fields. We hope to complete construction by October this year and by December we will have an installed capacity of 50 tons per day. GRI will further install capacity to reach 100 tons per day in 2022,” GRI Executive Director Ananda Caldera has been quoted as saying.
The new facility is to also expand GRI’s solar panel initiative and generate 2.5 MW of solar power. “We will focus on optimising energy efficiency, water conservation, and waste management. The building is designed in a way that during the day, the facility will be illuminated by natural light. Greening of the production facility will be done by planting over 75 trees on the premises,” GRI CEO Dr. Mahesha Ranasoma has stated.
The US$ 100 million plant expansion project being carried out by a company in Sri Lanka is indicative of the growth and strength of the country’s private sector. Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the impact of the global Covid 19 pandemic. The country’s economy is once again showing growth with the recommencement of the development programme and all key economic sectors on the path to recovery after facing the impact of the pandemic. Sri Lanka is also emerging as a business destination in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Given the country’s economic expansion, foreign businesses/investors could explore business/investment opportunities in Sri Lanka.
|Article Code :||VBS/AT/20210625/Z_4|