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| Sunday, 4 January 2004 |
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| News Business Features Editorial
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Newest three-wheeler range on the road Sri Lanka's only three-wheeler manufacturing company, Alba Lanka Industries (Pvt) Ltd, introduced its latest 'Alba Classic SL' three-wheeler to the local market recently. The Alba Classic SL version was introduced to the market with the idea of catering to both local and international markets, said Managing Director, ALBA Lanka Ltd., M.Y.M Nasser. He said the company, a true Sri Lankan entity, currently enjoys a five per cent market share and is planning to increase it to 20 per cent before the end of this year. He said he was proudly presenting the locally manufactured three-wheeler to the Sri Lankan market as a solution to the nation's transport and unemployment problems, which hinder the growth of the country. Nasser requested the government to assist him and invited Sri Lankan investors to join him in expanding the business to reach export markets. He said Rs 700 million presently go out of the country as foreign exchange to import three-wheelers. The drain of foreign exchange can be stopped by promoting ventures of this nature. He said the company has the production capacity of 80 three-wheelers per month, but is currently manufacturing only 20-30. He said he is planning to increase production and go mass scale to produce 500 three-wheelers a month to cater to the export markets. Commenting on the Alba Classic SL, he said it is very economical as its average fuel consumption is 32Km per litre and assured that repairs would be minimum. The first three services of the vehicle will be done free of charge. There is a one-year guarantee for the engine and chassis. Nasser said 60 per cent of the resources required to manufacture these three-wheelers are supplied locally, while the balance 40 per cent are imported from India and Italy. A self-starter, single windscreen, crystal headlight, fuel meter, brake oil indicator, adjustable cushion seats, travelling speed of 80 Kmph, modified engine and cooling system are some of the features of the Alba Classic SL. Alba Lanka was established in 1984, while the factory was opened on a 11-acre block of land at Wellampitiya in 1984, creating 350 employment opportunities. The initial project cost was Rs 90 million, of which Rs 15 million was financed under the small and medium loan scheme of Seylan Bank. The company plans to achieve an income of Rs 444 million by 2005. (HS) |
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