Advance group to invest US$ 30 m for fertiliser plant

NEW VENTURE: Advance group of companies who are market leaders in surfactants and are a 100 million dollar turnover company will be investing US 30 million dollars for a surfactant and fertiliser manufacturing plant in Sri Lanka.

CAO, Advance Sri Lanka, Firoze Zia Hussain said that CEO of the Advance group in India Ashok Mahindra was keen to invest in Sri Lanka as the country offered excellent skilled manpower and various benefits.

"We are also very happy on the incentives offered by the Government under 300 industries programme," he said.

Hussein a former Indian bureaucrat will be in charge of Advance Lanka operations.

The fertiliser SSP-single super phosphate shall be for local sales at around Rs. 600 per bag of 50 kg, which would significantly reduce import expenditure and savings in foreign exchange.

"The surfactant plant is proposed to be a world class plant for export to Europe," he said.

The company also takes concerns with regard to environmental concerns and Advance group is committed to maintain international standards on emission. (SS).