Sri Lanka, Aug. 25 -- The Board of Investment (BOI) has inked an agreement with CEAT OHT Lanka (Private) Limited to formalise a USD 171 million investment, one of the largest recent inflows from India into Sri Lanka's manufacturing and export sector.

The deal follows CEAT Ltd.'s acquisition of Michelin Group's Construction Compact Line Business, including the Midigama and Kotugoda plants, giving CEAT global ownership of the Camso brand after a three-year licensing period.

A tripartite MoU signed with Michelin Lanka and the Inter-Company Employees Union guarantees job security for 1,483 employees, ensuring full retention of service, seniority, salaries and benefits with no retrenchments.

BOI Chairman Arjuna Herath said the investment el...