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July 28, 2015 (LBO) – Sri Lanka’s Board of Investment (BOI) signed an agreement with M G Sugars Lanka worth 100 million US dollars to restructure the Island’s Kanthale Sugar Factory in Colombo, Monday.
Mendel Gluck, a UK based investor, is leading investor in the new venture.
“The total investment of the project will be around 13,500 million rupees or 100 million US dollars,” Upul Jayasuriya, Chairman, BOI who signed the agreement on behalf of the government said.
“No loans will be taken for this purpose, the funding will be from foreign banks and not our local banks,”
“Sri Lanka’s government will own 51 percent of the factory while 49 percent will be held by the foreign investor.”
Shri Prabulingeshwar Sugars and Chemicals, an Indian sugar cane cultivation and sugar manufacturing, co-generation of power plants and dairy industry will be the technical partner for the project.
The new investment agreement will revive and restructure Kantale Sugar factory to process 4000 TCD of sugar cane and manufacture 72,000 MT sugar per year, generation of electricity and dairy products, as per the approval granted by the Cabinet of Ministers.
Jayasuriya said that M G Sugar’s parent company, SLI Development, Singapore the foreign investor of this project had shown interest in the project during previous regime.
“This is an industry that Jayasuriya said the government will not invest any tax money of the people in the Kanthale factory.was shut down for over 25 years,”
“About five years ago, this same company wanted to come and invest during the previous regime but no interest had been shown in this regard,”
He also added that many jobs will also be created in the area because a new factory is to be built with new equipment.
“A total number of direct employment generations would be around 1,220 and indirectly we hope to create about 30,000 jobs,”
“The old equipment won’t be used, new machines from overseas will be bought.”
The Kantale sugar factory was taken over by the previous government under the Underperforming and Underutilized Assets Act in 2011.
It was opened in 1960 by late Prime Minister Sirimavo Bandaranaike and the factory was operating at a profit of 70 million rupees from 1980 to 1986 period.
Same will be for LCEM Soon....
Mendel Gluck, a UK based investor, is leading investor in the new venture.
“The total investment of the project will be around 13,500 million rupees or 100 million US dollars,” Upul Jayasuriya, Chairman, BOI who signed the agreement on behalf of the government said.
“No loans will be taken for this purpose, the funding will be from foreign banks and not our local banks,”
“Sri Lanka’s government will own 51 percent of the factory while 49 percent will be held by the foreign investor.”
Shri Prabulingeshwar Sugars and Chemicals, an Indian sugar cane cultivation and sugar manufacturing, co-generation of power plants and dairy industry will be the technical partner for the project.
The new investment agreement will revive and restructure Kantale Sugar factory to process 4000 TCD of sugar cane and manufacture 72,000 MT sugar per year, generation of electricity and dairy products, as per the approval granted by the Cabinet of Ministers.
Jayasuriya said that M G Sugar’s parent company, SLI Development, Singapore the foreign investor of this project had shown interest in the project during previous regime.
“This is an industry that Jayasuriya said the government will not invest any tax money of the people in the Kanthale factory.was shut down for over 25 years,”
“About five years ago, this same company wanted to come and invest during the previous regime but no interest had been shown in this regard,”
He also added that many jobs will also be created in the area because a new factory is to be built with new equipment.
“A total number of direct employment generations would be around 1,220 and indirectly we hope to create about 30,000 jobs,”
“The old equipment won’t be used, new machines from overseas will be bought.”
The Kantale sugar factory was taken over by the previous government under the Underperforming and Underutilized Assets Act in 2011.
It was opened in 1960 by late Prime Minister Sirimavo Bandaranaike and the factory was operating at a profit of 70 million rupees from 1980 to 1986 period.
Same will be for LCEM Soon....
