A delegation from CEAT, part of India’s RPG Group, met with the Sri Lanka Export Development Board (EDB) to discuss broadening its presence in the island nation by diversifying its rubber product portfolio.

 CEAT CEO Arnab Banerjee led the team in discussions with EDB Chairman Mangala Wijesinghe at the EDB headquarters in Colombo.

Banerjee provided an overview of RPG’s operations, spanning agriculture, engineering, and rubber, while highlighting CEAT’s recent acquisition of the CAMSO brand, a product now manufactured in Sri Lanka under RPG’s ownership.

The EDB welcomed CEAT’s expansion initiatives, with Wijesinghe emphasizing investment opportunities in sectors such as pharmaceuticals, ICT, agriculture, and logistics.

The meeting was attended by senior officials from CEAT, including Chief Financial Officer Vipul Vaid, Chief Executive of CEAT Specialty Amit Tolani, and Managing Director and CEO of CEAT Sri Lanka Ravi Dadlani.

CEAT Kelani Holdings, a major tyre manufacturer in Sri Lanka, fulfills over 50% of the nation’s pneumatic tyre demand and maintains a dominant market share in multiple segments, including tyres for passenger cars, SUVs, motorcycles, and agricultural vehicles.

The company operates through an extensive dealer network nationwide, offering customers access to its wide range of products.

CEAT’s growth strategy was further reinforced by its December 2024 acquisition of Michelin’s off-highway tyre and tracks business in Sri Lanka, including two production plants and the CAMSO brand.

This deal reflects CEAT’s commitment to innovation and its vital role in Sri Lanka’s economic development.

Notably, Fitch Ratings has affirmed CEAT Kelani Holdings’ ‘AA+(lka)’ National Long-Term Rating with a Stable Outlook, highlighting its financial stability and robust market position.

Meanwhile, Michelin announced its plans to phase out bias tyre production globally, which includes the sale of its bias tyre and compact construction equipment tracks business in Sri Lanka to CEAT.

he deal, effective after a three-year licensing period, transfers ownership of the CAMSO brand to CEAT. Despite this, Michelin reiterated its commitment to maintaining other operations in Sri Lanka and modernizing its facilities.

The acquisition builds on the legacy of Loadstar, a Belgian-initiated business later sold to Camso before Michelin took over. Michelin’s Senior Vice President, Nour Bouhassoun, expressed confidence in CEAT’s ability to carry forward the bias tyres and tracks business.

CEAT’s expansion plans and its strategic acquisition underscore its ambition to cement its position as a leading player in the global rubber sector while driving economic growth in Sri Lanka.

The Colombo Stock Exchange (CSE) experienced a significant drop today (03), ending an unprecedented 26-day rally. Key indices recorded substantial declines, with the All Share Price Index (ASPI) falling by 299.13 points to close at 16,049.42. The S&P SL20 Index also dropped by 46.05 points, closing at 4,925.82.

The day’s trading turnover reached Rs. 11.48 billion, with notable contributions from:

• Browns Investments: Rs. 1.03 billion
• John Keells Holdings: Rs. 882 million
• HNB: Rs. 401 million
• Sampath Bank: Rs. 350 million
• LOLC Holdings: Rs. 305 million

The downturn was attributed to falling share prices in key companies, including Sampath Bank, Commercial Bank, LOLC Holdings, Melstacorp, and Hayleys. A total of 189 companies reported lower share prices compared to the previous trading day.

Market analysts cited profit-taking and investor caution following the sustained rally as primary factors behind the decline.

Former Sri Lankan President Ranil Wickremesinghe met with Nepali Prime Minister K.P. Sharma Oli at the Prime Minister’s residence in Baluwatar, Nepal.

During the meeting, the two leaders discussed enhancing bilateral relations and explored various aspects of mutual interest between Sri Lanka and Nepal, according to a statement from the Nepali Prime Minister’s press office.

Wickremesinghe, known for his longstanding friendship with Prime Minister Oli, arrived in Nepal on a private visit on December 28. His visit marks another chapter in the strong interpersonal and diplomatic ties between the two leaders. He is scheduled to return to Sri Lanka today.

Health and Media Minister Dr. Nalinda Jayatissa has refuted claims that roadside businesses are prohibited under the ‘Clean Sri Lanka’ initiative, labeling such reports as false. Addressing a press conference at the Government Information Department yesterday (3), the Minister stressed that the initiative is neither an enforcement nor a litigation programme and that no law related to it has been passed in Parliament.

“There are no instructions to arrest individuals or file lawsuits under the ‘Clean Sri Lanka’ programme,” Dr. Jayatissa clarified, dispelling concerns and misinformation surrounding the initiative’s objectives and implementation.

The Minister emphasized that the ‘Clean Sri Lanka’ initiative, launched under the President’s leadership, is a collaborative effort involving multiple government agencies. Its aim is to transform Sri Lanka into a prosperous nation with happy citizens, enhancing its environmental, social, and moral standing globally.

“This programme is a scientifically designed, long-term plan to address the country’s challenges and rebuild its reputation,” Dr. Jayatissa said, explaining that it is not a short-term or superficial project but a sustainable effort to elevate Sri Lanka’s social and environmental standards.

The Minister called on all citizens to actively participate in the initiative, underscoring its importance in shaping a better future for the country. He highlighted the government’s engagement with state officials and the public to ensure the programme’s success, emphasizing its role in creating a positive transformation across all sectors of society.

Health and Media Minister Dr. Nalinda Jayatissa reaffirmed the government’s unwavering commitment to protecting media freedom in Sri Lanka. Speaking at a special media briefing at the Government Information Department yesterday (3), the Minister highlighted that the current administration provides journalists with the broadest opportunities to inform the public and has no intention of imposing restrictions on press freedom.

Dr. Jayatissa underscored the government’s dedication to upholding freedom of speech and democracy at the highest level. However, he cautioned against the misuse of media platforms for harmful purposes, such as spreading hatred or advancing personal, business, or political agendas.

“The government reserves the right to take necessary action in such instances to safeguard public interests,” he said, emphasizing that the safety and well-being of the Sri Lankan people remain the administration’s foremost priority.

He also stressed the importance of national unity, territorial integrity, and social harmony. Any attempts to destabilize the nation, particularly through the dissemination of false or distorted news, would be addressed with legal measures to ensure national stability.

“At a time when the country is beginning to recover, any effort to destabilize the nation is a betrayal,” Minister Jayatissa remarked, urging responsible media practices to support Sri Lanka’s path to recovery.

Health and Media Minister Dr. Nalinda Jayatissa clarified remarks made during his speech at the opening of the Pediatric Bone Marrow Transplant Unit at the National Cancer Hospital, Maharagama. Speaking at a media conference held at the Government Information Department yesterday, the Minister stressed that his comments were misinterpreted and reaffirmed his appreciation for public contributions to the health sector.

He emphasized that he did not refuse any donations made by the public to the cancer hospital and highlighted the importance of conducting health sector development activities systematically. He expressed gratitude for the financial contributions of the Ruhunu Maha Kataragama Devalaya and the Sri Lanka Air Force’s assistance in constructing the new unit, describing the bone marrow transplant unit as a vital addition to the hospital.

Dr. Jayatissa outlined the government’s intention to create a structured framework for accepting and utilizing donations from local philanthropists and international organizations. He stated that while contributions are often made with good intentions, they can create long-term challenges if not integrated into the broader national healthcare strategy.

He cited examples of hospitals built through public donations that later faced shortages of doctors and equipment, leading to public dissatisfaction. He also noted instances where political pressures led to the upgrading of hospitals in ways that did not align with national healthcare priorities.

The Minister stressed that donations made for political or personal agendas would no longer be accepted. He emphasized that integrating contributions into the national development plan would improve coordination, prioritize genuine needs, and support sustainable healthcare improvements.

Dr. Jayatissa reaffirmed the government’s commitment to enhancing healthcare services for all citizens through systematic development, ensuring resources are effectively allocated to benefit the entire population.