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| Wednesday, 8 December 2004 |
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Holcim invests Rs. 3 b in Sri Lanka by Shirajiv Sirimane Holcim, one of the largest cement manufacturers in the world, invests USD 30 Million (Rs. 3 Billion) in Sri Lanka to extend their production capacity and to enhance operational performance. This is the biggest investment made by the global giant, Holcim in Asia, in the last three years. According to the Chairman Holcim Lanka, Manilal Fernando, this investment is a clear indication of the confidence the Swiss based company has towards Sri Lanka. "It is also an eye opener for others to invest," he said. Fernando said that Holcim would be making further investments as they have a long-standing commitment towards Sri Lanka. Managing Director and CEO Holcim Lanka Limited, Peter Spirig said that the Government's ongoing commitment to investor friendly policies and the prospect of long-term peace in the country have been a contributing factor for them to decide in favour of this investment. He said that they are also planning to build a Cement input terminal in Trincomalee mainly to service the growing demand in the North East. "Sri Lanka Cement market is growing and Holcim net sales were USD. 52 million last year. We are expecting this to be over 60 million by the end of the year," he said. The investment will be utilised to further expand the local cement production capacity of both production facilities of Holcim Lanka in Puttalam and Galle. "We are the largest local cement manufacture and are looking at expanding our present 30 percent market share," he said. The annual production capacity stands at one million metric tons at both production facilities. By mid 2005 capacity will be increased to 1.4 million metric tonnes. The capacity expansion program is already in progress. "We are expecting to break even our investment by 2006," he said. A part of the investment will be used for training and developing of human resource and also for a main stack filter in Puttalam for even better environmental protection. Ambassador of Switzerland Bernardino Regazzoni said that economic relations between the two countries are increasing rapidly. "Tourist arrivals to Sri Lanka too are increasing and last year there were over 12,000 tourists," he said. The Holcim Group has a presence in over 70 countries, a total production capacity of 145 million tonnes of cement per year, and a Group turnover of approximately USD 10 billion. The Group has been present in Sri Lanka since 1996, and has invested over USD 100 million to serve the Sri Lankan market with locally produced cement. |
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