MAS Holdings setting up new $70 mln automated knitting plant at Thulhiriya
View(s):MAS Holdings is investing US$70 million in an automated knitting plant – renovating a 200,000 sq. ft. facility to accommodate the largest, automated knitting plant in the region. The facility will be located at Thulhiriya, within the MAS Fabric Park.
The investment under MAS Fabrics (Private) Ltd becomes the MAS Group’s single largest investment in the history of its 25
Seen here after signing the agreement; Chairman/ Director General of BOI, M.M.C. Ferdinando, with Sharad Amalean - Deputy Chairman, MAS Holdings (centre) and Sudarshan Ahangama - Group Finance Director, MAS Holdings (right).
years of operation, according to an announcement by the Board of Investment (BOI) where an agreement for this purpose was signed.
“We partner with those who identify with our own value proposition; we are focused on innovation, and are eager to invest in it” Sharad Amalean, Deputy Chairman of MAS Holdings was quoted as saying.
“This is our biggest technology driven investment to date, and just as we marked Sri Lanka as an ethical manufacturer on the world map, we aim to promote Sri Lanka as a technology hub, through MAS Fabrics (Private) Ltd, ready to take on the challenges of tomorrow”.
With a 55,000 strong workforce nurtured in an innovation centric eco-system, MAS Holdings has come to be recognized by clients as a company that not only excels in execution, but one that also strives to distinguish themselves through excellence in inspirational product and innovation.
The BOI statement said the new facility at Thulhiriya is very significant as not only does it reflect the spirit of innovation characteristic of the Sri Lankan apparel industry, but also it is in line with some of the important strategic goals set by the government.
The BOI has identified the manufacture of fabric as a strategic import replacement industry since locally made fabric will reduce the dependence on imported fabric. The use of locally made fabric will contribute to strengthening the competitiveness of Sri Lanka made apparel in world markets.
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