Pakistan's Thatta Cement to open in H'tota Port

Vishmi Wijeratne

Pakistan's Thatta Cement Company will sign an agreement to establish a cement processing plant at the Southern part of the Hambantota port by mid February, according to Agil Hewageegana, the company will begin constructions soon afterwards.

"Thatta Cement Company will invest a sum of US $ 50 billion on the factory that is to be established in the near future. The factory will produce 100,000 metric tons in the first few years and will continuously develop to one million by the seventh year," Hewagegama told the Daily News Business. According to Geegana the company hopes to send the products manufactured in Sri Lanka to Pakistan and will provide 30 to 40 job opportunities to the Sri Lankan community.

Thatta Cement is a public limited company listed on the Karachi Stock Exchange and managed by Arif Habib Group of Pakistan has been approved by the Sri Lanka Ports Authority after being thoroughly examined by the Cabinet appointed Negotiating Committee (CANC). It had been revealed that the company has also been given concessions to build a grinding plant in Sri Lanka. Thatta Cement enjoys a diversified blend of expertise and interests in various industrial and financial concerns, including fertilizer, steel, cement, real estate, commercial banking, assets management, securities brokerage and private equity.