Service Industries Limited, has declared a significant investment of Rs30 billion to enhance its production capabilities and increase its export targets. This ambitious move is aimed at doubling the company's production capacity and achieving export revenues of $100 million by 2025.
The announcement was made through a statement to the Pakistan Stock Exchange on Monday by Service Long March Tyres (Private) Limited (SLM), a subsidiary of Service Industries Limited. SLM operates as a joint venture project and is known for manufacturing a wide range of tyres including all-steel radial truck, bus, light truck, and off-road tyres within Pakistan.
Service Industries Limited and its subsidiary, Service Global Footwear Limited, currently hold 32.09 percent and 18.91 percent equity stakes respectively in SLM. The expansion plan not only aims to double the existing production capacity but also includes a strategic initiative to commence a new project focused on exporting specialised tyres from Pakistan to markets in the European Union and the United States.
In a recent development, SLM's Chairman Jin Yongsheng and CEO Omar Saeed met with Prime Minister Shehbaz Sharif to express their gratitude for the government's consistent support to the tyre industry. During the meeting, Prime Minister Sharif reassured them of ongoing government assistance from all relevant departments, underlining his commitment to fostering export-led growth in the nation.
This investment marks a significant milestone in Service Industries Limited's strategy to strengthen its position in the global market and contribute positively to Pakistan's economic growth through enhanced export revenues. The company's forward-looking approach not only underscores its commitment to innovation and quality in tyre manufacturing but also reflects its role in bolstering the national economy through strategic industry support and expansion.
