Sri Lanka's largest rubber gloves manufacturer, Dipped Products Ltd (DPL) announced on Tuesday it is to invest Rs 550 million ($6.1m) in a new plant in Thailand.

In a statement, the firm said the new production unit would make medical examination gloves, with the first phase of the project expected to be completed by the end of the year.

It added the project had been delayed due to the time it took to secure permission from the Sri Lankan government on a local investment of Rs 250 million, with the Rs 300 million balance being funded through other sources.

Government permission is required for overseas investment by Sri Lankan firms. The statement also said the new plant would qualify for various incentives such as tax concessions and other incentives offered by the Board of Investment of Thailand.