Indian tyre major CEAT will commission a Rs 350-million radial tyre plant at its Sri Lankan unit in July to cater to the local market.
Situated alongside the existing CEAT plant in Kelaniya, the new venture will be the only radial tyre project in the country, the company said.
The plant will initially focus on two ranges of radials -- for cars and vans -- which is currently the most sought after sizes in the local market.
CEAT's range of steel-belted radials for cars will be branded 'Formula 1 Steel' with the heavy duty van tyre range that can carry heavy loads, branded 'Rhino'.
The firm, which is Sri Lanka's sole tyre maker, plans to ship tyres to overseas markets from October onwards.
"We believe that our range of new radial tyres will satisfy the requirements of a high percentage of the vehicles on Sri Lankan roads and represent a competitive, value-for-money option," CEAT Sri Lanka's general manager marketing and sales K Ravi Shankar said.
CEAT currently dominates the local market commanding over 50 percent of the pie in segments like trucks, light trucks, farm tyres and three wheelers.
CEAT Sri Lanka has tyre manufacturing plants at Kalutara and Kelaniya, with its product portfolio, including tyres for trucks, buses, forklifts and heavy vehicles like payloaders.
The company has exported over 1800 container loads of tyres to India, Dubai, Singapore, Philippines, Egypt, Africa and countries in the SAARC region.
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