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| Tuesday, 18 May 2004 |
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Sumi-Motherson India expands Lankan operation The Sumi-Motherson Group, a globalised Indian company set up their Sri Lankan subsidiary (Motherson Wires (Pvt) Ltd.) in 2003 under the BOI to manufacture auto-cable and wire-harness for export. The estimated investment of this project is around Rs. 200 million and employment generation will be around 120. The factory at Homagama has already commenced operations and exported to India under the Indo-Lanka Free Trade Agreement. Approval also has been granted to produce heavy duty diamond tipped metal cutters for export to Japan and the company is considering expansion of the product range. Sri Lankan technical staff are currently being trained in their factories in India and Sharjah. Chairman/Director General of the BOI Lalith de Mel was the chief guest at the company's annual convention at Hotel Taj Samudra recently. Santhusht Jayasuriya, Deputy Director General (Promotion) of the BOI made a presentation, which covered Sri Lanka's growing potential for Foreign Direct Investment. |
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