LAUGFS Holdings celebrates 25 years of Sri Lankan entrepreneurship
View(s):LAUGFS Holdings Ltd, one of Sri Lanka’s largest diversified business conglomerates, is celebrating 25 years in business.
Its inception was Gas Auto Lanka, a revolutionary business that introduced LPG as an alternate fuel for motor vehicles. Propelled by this entrepreneurial spirit LAUGFS went on to become trailblazers in many industries in Sri Lanka. Currently the group is present in 20 industries and have expanded beyond Sri Lankan borders. Its annual revenue exceeds US$300 million and is backed by an employee cardre of 3500.
Speaking on the occasion, W. K. H. Wegapitiya, Group Chairman of LAUGFS Holdings Ltd said in a media release that, “25 years ago, we began our journey to draw out the infinite potential of our nation and its people. Though we had humble beginnings, we were filled with the determination to achieve greatness. 25 years later, we have touched the lives of millions of Sri Lankans and are a leading name across the industries in which we operate; moreover we have achieved an international presence for the ‘LAUGFS’ brand. We are proud to celebrate 25 years of our LAUGFS family along with our loyal customers and business partners who have supported us on this journey.”
Though the origins of LAUGFS was Gas Auto Lanka established in 1995; in its 25 year journey, it evolved and diversified to progress from local to global. In 2000, LAUGFS opened the first 24-hour supermarket in Sri Lanka and in 2001 LAUGFS Gas initiated operations, signalling the beginning of rapid growth for LAUGFS across an industry that was formerly a monopoly. With its strategic vision to become a dominant player in the LPG industry LAUGFS set on to create an overarching LPG supply chain; from trading to shipment, storage and transport, the release said.
In line with this vision the group acquired 3 seafaring vessels; Gas Challenger, Gas Success and Gas Courage which are used in the transportation of LPG. Moreover LAUGFS owns the largest LPG Transhipment Terminal in South Asia, located within the Hambantota Port and operated under LAUGFS Terminals.
Between 2004 and 2010, the group continued to establish a multitude of strategic business units across multiple industries. LAUGFS Petroleum, LAUGFS Corporation (Rubber), LAUGFS Salt & Chemicals and JADE Restaurants were founded during this time frame. In 2008 Eco Sri began operations in cooperation with the Government of Sri Lanka to engage in vehicle emission testing across the island, with the forward thinking vision of a greener tomorrow. LAUGFS Lubricants became Sri Lanka’s first local lubricant brand, making it another industry first for LAUGFS.
“We wanted to be more than just another national corporate entity in the market; we wanted to truly drive the nation forward and extend the innovative zeal of LAUGFS across Sri Lanka and internationally. Our journey has been long and challenging but after two and a half decades of dauntless growth in the face of adversity, we are thrilled for LAUGFS’s prospects over the next 25 years.” said Thilak De Silva, Group Deputy Chairman of LAUGFS Holdings Ltd, reflecting on the history of LAUGFS.