Dec 16, 2019 (LBO) - Lanka Tiles Plc has entered into a tripartite agreement with Foshan Shiwan Yulong Ceramic Ltd. of China and Benjamin Malloy of Dallas, Texas in the US with the aim of exporting porcelain mosaic tiles.
The venture involves an investment of 200 million rupees where Lanka Tiles will convert its present idle capacity of 2,000 sq. mt. per day to manufacture porcelain mosaic tiles for export, a filling in the stock exchange said.
Under the agreement, shipping will start by April 2020.
The agreement was signed in the wake of Washington imposing an anti-dumping duty on ceramic and porcelain products of Chinese origin reaching the US.