Lahore, Service Industries Limited has announced expansion plans for its subsidiary, Service Long March Tyres (Private) Limited (SLM). According to information available from the Pakistan Stock Exchange (PSX), SLM intends to double its manufacturing capacity and aims to increase exports to $100 million by 2025.

The expansion will involve an investment of Rs 30 billion by SLM, which specializes in manufacturing all-steel radial tyres for trucks, buses, light trucks, and off-road vehicles. Additionally, SLM plans to initiate a new project with an investment of another Rs 30 billion to export specialized tyres to the European Union and the United States.

The announcement came following a meeting between SLM's Chairman Jin Yongsheng and CEO Omar Saeed with Prime Minister Shehbaz Sharif, where they expressed gratitude for the government's support of the tyre industry. The Prime Minister assured continuous support from various departments, emphasizing the role of export-led growth for the national economy.

The meeting also saw participation from several key ministers and secretaries, highlighting the strategic importance of this expansion in the government's economic agenda. Service Industries Limited and its subsidiary, Service Global Footwear Limited, collectively hold a 51% equity stake in SLM.