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TPS Ceramic to set up US $ 8.4mn tile manufacturing plant
Board of Investment Chairman Raja Edirisuriya and Director General Renuka Weerakone formally present BOI agreement to TPS Ceramic Industries Directors Praveen Fernando and Prasham Peiris
The Board of Investment (BOI) recently entered into an agreement with TPS Ceramic Industries (Pvt.) Ltd to set up a US $ 8.4 million manufacturing facility in the Kalutara district.
The project, which will be established in Baduraliya in Kalutara, will facilitate the manufacturing of double-fired wall tiles and single-fired floor tiles for the local market.
The agreement was inked by BOI Chairman Raja Edirisuriya and TPS Ceramic Industries (Pvt.) Ltd Directors Praveen Fernando and Prasham Peiris.
The facility 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. The 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 the COVID-19 pandemic and government’s policies to encourage local entrepreneurs, TPS shared that a decision was made to locally manufacture some of the high-demand products, including wall and floor ceramic tiles.
In a statement to the media the company highlighted that its goal is to adapt to changes and adhere to the global trends, while upskilling the rural talent and providing meaningful employment to the people in the area.