COLOMBO, Sri Lanka—The Sri Lankan government has approved a proposal to establish a 3 million unit tire plant, according to the country's official website.
The proposal, which was made by the Sri Lankan Minister of Development Strategies and International Trade Malik Samarawickrama, calls for a $75 million investment at Gonapola, Horana district of Sri Lanka.
The government green light was given to the project in the view of the country's $470 million income from the export of pneumatic and retreated rubber tires and tubes. The figure is nearly 62 percent of the total rubber exports of Sri Lanka.
Sri Lankan officials told the press that Italy's Marangoni was to set up the “radial and industrial tire manufacturing plant” in Horana.