BOI signs agreements for seven projects

The Board of Investment of Sri Lanka signed agreements for seven new projects. Chairman/Director General Dhammika Perera signed the agreements on behalf of the BOI.

An agreement with Alhambra Hotels Limited was signed for a project to expand and refurbish the Holiday Inn Hotel located in Colombo. The project worth US $ 1 million will be sponsored by the Alhambra Hotels Limited, Colombo 3. Fahmy J Carder, Chairman / Managing Director of Alhambra Hotels Limited and Director / General Manager of Holiday Inn Colombo Imithiaz J Cader signed the agreement of behalf of the Alhambra Hotel Limited. The expansion process is expected to create 25 new employment opportunities.

Airport Garden Leisure (Private) Limited signed an agreement to set up a luxury hotel at Seeduwa was signed with Hirdaramani Group of Companies. A new 100 room hotel is expected to be built on the same land located at Negombo Road, Liyanagemulla, Seeduwa. The addition of a spa is also expected. The construction is expected to begin early next year and is expected to finish within an 18 month period.

Mahesh Hirdaramani said that this upgrade is carried out in order to fulfil the requirements in the hospitality sector, which is expected to increase due to the improvements in the tourism industry. The Rs. 600 million worth project will create employment opportunities to 150.

Director Anil Hirdaramani and Director Mahesh Hirdaramani signed the agreement of behalf of the Hirdaramani Group of Companies.

Hemas Southern Hospitals signed an agreement for a project to set up a hospital. A 100 bed Hemas Hospital in Wattala is scheduled to commence operations in 2008 August, and will focus on providing patient-centric, affordable, high quality health services to fast growing suburban communities.

The Southern Hospital in Galle currently operated by Hemas consists of 20 beds and will be upgraded to 50 beds by March 2008. The hospital is currently visited by well over 40 consultant specialists catering to the medical, surgical, obstetrics, dermatology, paediatrics, eye, ENT and neurology area.

The new hospital will consist of state-of-the-art operating theatres, an ICU, a medical laboratory, radiology facilities, a dialysis unit and a labour unit.

The US $ 4.5 million is expected to provide 200 local employment opportunities. Chairman Murtaza Esufally and (CEO) Dr. Kithsiri Edirisinghe signed the agreement of behalf of the Hemas Hospitals (Private) Limited.

An agreement to construct and operate a warehouse was signed with Pan Marine Logistic (Private) Limited. The project is worth US $ 1.3 million and is expected to provide employment for 50. Construction of the warehouse is expected to begin shortly.

Sri Lanka Telecom signed an agreement which would bring the operations of Sri Lanka Telecom under Section 17 of BOI Law. The project is estimated to worth US $ 22 million.

The agreement signed with the BOI will allow Sri Lanka Telecom Duty Free concessions. Chairman Ashoka Weerasinghe de Silva and CEO Shoji Takahashi signed the agreement of behalf of the Sri Lanka Telecom.

Marangoni Industrial Tyres Lanka signed an agreement for a project to manufacture solid tyres and rubber compound for the export market. The project worth US $ 6.5 million will be sponsored by the Wheelworks and Marangoni Pneumatic SPA (Italy). The project is expected to take over an existing factory and commence production by January 2008.

Sarath Gamage signed the agreement on behalf of the Marangoni Industrial Tyres Lanka.

An agreement to set up an Export Trading House was also signed with Industrial Clothings Export Trading House. The venture is expected to be of value addition to gloves imported from China and other countries. The project will do value addition services, such as printing and packing.

The finished products will then be exported to USA and Europe. The project is in the process of laying the infrastructural requirements and is expected to commence business in 2 - 3 months.

The US $ 227,000 project located at Phase 1, Katunayake Export Processing Zone is expected to provide employment opportunities for 64.

Deputy General Manager - Finance and Accounts, Sohail Ebrahim and K.N.E.S. Fernando signed the agreement on behalf of Industrial Clothings Export Trading House.