Successful facilitation by BOI paves the way for Volkswagen assembly plant
View(s):A land in the Kuliyapitiya area has been finally secured for setting up the Volkswagen assembly plant in Sri Lanka through the successful facilitation by Upul Jayasuriya, Chairman of the Board of Investment of Sri Lanka (BOI) and his officials, working closely with the Ministry of Lands, the BOI said in a media release. This land will be taken over by the BOI and would be formally handed over by the investment promotion agency to M/s Senok Automobile (Pvt) Ltd for the assembly of cars manufactured by Volkswagen AG, the renowned German Company.
The agreement to assemble cars was signed by Mr. Jayasuriya and Noel Selvanayagam, President of M/s Senok Automobile (Pvt) Ltd. The investor will assemble vehicles in the 1000 cc to 2000 cc category. These vehicles will be diesel powered and include passenger cars, Sport Utility Vehicles (SUV), Multi Utility Vehicles (MUV) or commercial vehicles, the release `said. Initially these vehicles would be marketed locally for a period of three years and thereafter the vehicles manufactured will be exported to overseas markets. The total value of this project is an investment of US$26.5 million of which $21.5 million will be invested in fixed assets within a period of 24 months.