BOI signs deal for new $ 8.4 m tile manufacturing venture by Puwakaramba Group

Monday, 21 February 2022 03:54 - - {{hitsCtrl.values.hits}}

BOI Chairman Raja Edirisuriya presents the agreement to TPS Ceramic Industries Directors Praveen Fernando and Prasham Peiris. BOI Director General Renuka Weerakone is also present

The Board of Investment (BOI) has recently entered into an agreement with TPS Ceramic Industries, to set up a project to manufacture double firing wall tiles and single firing floor tiles for the local market.

The agreement was signed by BOI Chairman Raja Edirisuriya and T P S Ceramic Industries Directors Praveen Fernando and Prasham Peiris.

The project will commence with an initial investment of $ 8.4 million and will establish its manufacturing facility in Baduraliya in Kalutara District. It is set to be operational in one year from the date of the agreement.

TPS is the latest enterprise of the Puwakaramba Group’s management. Puwakaramba Group was one of the leading importers of wall and floor tiles to cater the local market demand before the pandemic situation.

Due to COVID-19 pandemic and the Government’s policies to encourage local entrepreneurs, it was decided by the TPS to locally manufacture some of the high demand products including wall and floor ceramic tiles. The company goal is to adapt with the changes and adhere to the global trends, while upskilling the rural talent and providing meaningful employment to the people in the area.