LAUGFS expands into renewable energy business
View(s):LAUGFS has launched a joint venture with the Sri Lanka Institute of Nanotechnology to add value to Ilmenite and produce nano titanium dioxide – base material for products such as paints.
“We’re also looking at value addition to local mineral resources. In this regard we have already started a joint venture with the Nanotechnology Institute to produce nano titanium dioxide, a raw material for products such as paints. We’re producing high quality materials, adding value to them. This will substitute imports in these materials,” W.K.H. Wegapitiya, Chairman LAUGFS Holdings told the Business Times.
Most Ilmenite is mined for titanium dioxide production. Finely ground titanium dioxide is a bright white powder widely used as a base pigment in paint, paper and plastics.
Mr. Wegapitiya added that they will start production soon. “We’re setting up this factory at the Nano Park in Homagama.” He said at present Ilmenite is exported in raw form. “Eppawala Phosphate is sufficient to produce fertilizer for the next 15 years. It’s important that we add value to these local mineral resources we already own.”
He said that LAUGFS trying to expand into renewable energy sources. “We want to shift from orthodox energy sources and get into renewable energy sources,” he said, adding that they will get into transport fuels.
“Now we use Hydrocarbon such as petrol and diesel and we are dependant on them. One third of our foreign exchange goes to importing oil. LAUGFS might find a solution through renewable energy for this. It’ll be something which no one has introduced before.”
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