Over Rs 146 m for copper project

Hemanti Guruge

Ceylon Copper Pvt Ltd, a subsidiary of ACL Cables Plc has signed an agreement with the Board of Investment of Sri Lanka to manufacture numerous copper and aluminium products to the local and foreign market.

A Ceylon Copper Pvt Ltd source told ‘Daily News Business’ that the total investment to manufacture copper and aluminium products would be Rs 146 million. He said that the group is currently looking to manufacture numerous products such as copper rods, profiles, copper and aluminium bars, strips and others.

The factory is located at the Piliyandala area and the first production will begin in May this year. The new company will import raw materials instead of process products to manufacture copper products with the intention of saving foreign currency.

ACL Cables Plc is a one of the largest cable manufacturers in the country that has grown to a group of companies holding 70 percent shares in the cable market in Sri Lanka. The main objective of ACL Cable is to take part in infrastructure development of the country and region. In keeping with the government development drive the constructions industry requires products of this nature and the company is anticipating a rapid booming increase in demand for such products.