BOI signs agreements for 10 projects over Rs. 2 b

AGREEMENTS: The Board of Investment of Sri Lanka (BOI) signed agreements for 10 new projects worth over Rs. 2 billion last week.

Chairman/Director General of the BOI Dhammika Perera signed the agreements on behalf of the Board and Minister of Enterprise Development and Investment Promotion Dr. Sarath Amunugama handed the certificates to the investors.

The biggest project to be signed was by Equity Developers (Private) Limited who are to construct an apartment complex with an investment of Rs. 1 Billion. The project will be located at Colombo 02 and at Humbert Estate, Koratota.

Agreements were signed between Lords Glass (Pvt) Ltd and the BOI for a project to convert float glass into toughened glass. The cost of the project is estimated at Rs. 129 million and will be a Foreign Direct Investment (FDI) from India. The factory, which will be located in Wellampitiya, will generate over 120 employment opportunities and 80% of the products are targeted at the export market.

MII Colombo (Pvt) Ltd signed an agreement with the BOI for a project to construct an apartment complex in Colombo 05. The project will cost approximately Rs. 256 million and will have 64 employees at capacity.

The BOI entered into an agreement with St. Peter's Hospitals Lanka Limited to establish a hospital at Ragama with an investment of over Rs. 95 million. This hospital will provide employment opportunities for 86 local employees.

Yet another project in the health sector the BOI signed agreements with Asiri Hospital Matara (Pvt) Ltd for a project to construct and operate a hospital at Matara. An investment of Rs. 60 million, this project will generate over 150 employment opportunities initially. This project will be launched under the Nipayum Sri Lanka 300 Enterprises Programme.

Also under the 300EP, Dan Apparel (Pvt) Ltd signed an agreement for a project to manufacture garments for export. The estimated cost is over Rs. 35 million, and the factory will have a labour force of 360 employees. The project will be launched in Polpithigama, an area that has been categorized as 'Most Difficult' under the 300 EP.

The agreement entered between the BOI and ANC Education Holdings Ltd was for a project to establish a Regional Operating Headquarters Company in Colombo 03. The estimated investment is Rs. 25 million.

The BOI signed agreements with Content Management and Solutions (Pvt) Ltd for a project to develop computer software for the export market and to provide E-Commerce platform to overseas clients. The estimated cost of the project is Rs. 15.7 million and will be funded by investors from Belgium.

With an investment of Rs. 16 million, I B S E Cad Lanka entered into an agreement with the BOI to set up a business process outsourcing (BPO) centre in Negombo. The project is sponsored by I B S E CAD Holdings UK Limited and will initially generate 38 employment opportunities.

Sponsored by Wijesuriya Holdings (Pvt.) Ltd, People's Media Network (Pvt.) Ltd has entered into an agreement with the BoI to the tune of Rs. 510 million. Located in Peliyagoda, the project will initially have 47 employees at capacity.