Steuarts into building management, hospitals

The company is also planning to enter the health care industry which would also compliment the company’s pharmaceutical line.

George Steuart and Co. Ltd, one of Sri Lanka’s oldest companies, has got a new look and big plans for the New Year.

The company is considering venturing into three new areas of business as part of its diversification plans. Building management, construction and healthcare industries are the three main cards on the table for George Steuart in 2007.

The blueprint for the company to venture into business management has been drawn up in the last two months. George Steuart Building Management Co Ltd will deal with management and maintenance of buildings and condominiums that are springing up in the city. “There is a huge potential market for this service in the country, especially with the laws that require condominiums to have a management committee. We also see many apartment complexes in the Colombo and suburbs that are not managed properly. Initially what we are looking at is this market”, S. Skandakumar the group chairman of the company told The Sunday Times FT at the launch of their new company logo on Thursday. In the long term the company also plans to export these services to the Middle East where there is a huge market for such services.

The company is also planning to enter the health care industry which would also compliment the company’s pharmaceutical line. According to J. M. Wimalagooneratne, Group Deputy Chairman and Managing Director, the company is in discussion with several parties on acquiring suitable land to build a hospital.

The company is planning to start a maternity home which is to be completed in three stages. “We are planning to have 50 beds at the first stage and 100 in the second and 150 in the third. At present we are involved in looking for suitable land for this purpose. The hospital would be situated in close proximity to Colombo as it has to be accessible to the best gynaecologists in the country,” he said. The other new business area George Steuart is trying its hand at is property development where the company wants to build apartments and housing schemes. However the company is cautious and will monitor Sri Lanka’s security situation before making long term investments in the industry. It is planning to build a housing scheme for its employees as well. George Steuart’s new logo captures the company’s new business focus and attitude.