Financial Times - Vallibel: Fingers in many pies

Vallibel: Fingers in many pies

Entrepreneur Dammika Perera’s Vallibel Holdings is into an active expansion phase with a new electrical switches plant at Horana, a finance company to be launched next month and a mega ceramics factory in Kalutara.

Company director Nimal Perera said the new electrical switches business is a Rs.300 million investment to be set up on a two-acre land at Horana. “We identified a massive demand for switches and decided to get into this business,” he said.

On Vallibel Finance being launched next month, Perera said they bought Rupee Finance, one of the oldest finance companies in the country, about a year ago for Rs 100 million.

The company has also identified land at both Kalutara and Horana for a massive ceramics plant. “It will most probably be at Kalutara and the investment for the state of the art factory is one billion rupees,” he added. Some months back the company exited from the tea export company, HVA Group, at a sale price of nearly Rs 70 million. “We sold our 51 percent shareholding to Suresh Subramaniam of Elgin Group,” he said adding that the company felt tea exports were not their forte.

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