BOI venture with Sigiri Roofings
The Board of Investment of Sri Lanka (BoI) granted investment
approval to Sigiri Roofings (Pvt) Ltd. Board Members Channa Palansuriya
and Upali Samaraweera signed the agreement on behalf of the BOI and
presented the BOI Certificate of Registration to the Chairman of the
Company, S.A. Bhimaraja.
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Board Member of the BOI Channa Palansuriya presents the BOI
Certificate of Registration to Chairman of the Company S.A.
Bhimarajathe. Board Member of the BOI Upali Samaraweera is also
in the picture. |
The investment agreement signed with Sigiri Roofings is for a project
to manufacture fibre roofing sheets and accessories for the local
market. The project is an initial investment of Rs. 340 million which is
expected to increase up to Rs. 500 million sponsored by Indian based
Nibhi Industries (Pvt) Ltd. The company will set up a state-of-the-art
manufacturing plant at Tharawilluwa, Battulu Oya in the Puttalam
district.
The manufacturing will be done using locally available raw material
and the latest equipment imported from India and Switzerland will be
utilized in the production process.
Company officials said that the monthly local requirement is about
40,000 metric tons and the company expects to manufacture around 7,500
metric tons monthly. The venture expects to commence commercial
operation in March 2010.
Chairman of the Company, S.A. Bhimaraja signed the agreement on
behalf of the company. |
