COLOMBO, Sri Lanka (June 28, 2016) — Italy's Marangoni S.p.A. is planning to build a plant in Sri Lanka for industrial tires, according to Opportunity Sri Lanka, a privately held business development company.
Opportunity Sri Lanka put the value of the plant — to be built in Gonapola in the southwestern state of Horana — at $75 million.
Marangoni has not commented publicly on Opportunity Sri Lanka's release, but the news has been reported widely in Sri Lanka.
The plant reportedly would create about 1,000 jobs and have an annual capacity of 3 million tires. Opportunity Sri Lanka projects the plant would generate more than $100 million in annual revenue.
The plant is to be built on a 100-acre plot of land to be acquired by Sri Lanka's Urban Development Authority, according to information from Development Strategies and International Trade Minister Malik Samarawickrama.
Opportunity Sri Lanka said Sri Lanka exported $471 million worth of pneumatic and retreaded tires and tubes last year and identified Camso Loadstar Ltd. as the nation's largest exporter.