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DateLine Wednesday, 30 July 2008

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Laughs to set up Saltern

The Board of Investment of Sri Lanka (BoI) signed agreements four new projects to the tune of Rs. 2.6 billion.

The agreement signed with Asian Academy of Aeronautics is for a project to set up a flying training facility which will provide pilot training for abinition level to commercial pilot license.

The company expects to commence operations in September 2008.

Chairman Laugfs Salt and Chemicals (Private) Limited W K H Wegapitiya receives the BOI agreement from Chairman /Director General of BOI Dhammika Perera.

The venture is an initial investment of US $ 150,000, which is expected to increase up to US $ 500,000.

Director of Asian Academy of Aeronautics Capt. Suranjan De Silva said that they were working towards a professional pilot training hub within the region taking into account that the Indian aviation industry requires 5000 pilots within the next two to three years.

“The inflow of foreign students will strengthen the foreign reserves of the country”.

Laugfs Salt and Chemicals will set up a saltern and to manufacture salt-based chemicals for the local market.

The venture located at Hambantota will produce Caustic Soda and Chlorine and will initially begin with manufacturing salt. The company also expects to establish a windmill to generate electricity.

The venture is an investment of Rs. 250 million sponsored by Laugfs Holdings and will create around 150 employment opportunities.

The agreement for V. J. G. Enterprises is for a project to set up a mixed development construction project that will consist of construction of two towers located in Colombo with 60 floors each.

The venture is expects to commence construction this year and will be completed in two and a half years. This is an investment of US $ 24 million.

HSenid Mobile Solutions signed an agreement for a project to develop IT related mobile applications with an investment of US $ 15 million.

The venture will provide Mobile Applications for Telecommunication providers in US, Europe and Asia.


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LANKAPUVATH - National News Agency of Sri Lanka

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