BOI signs agreements for projects worth over Rs 5.4 bln

The Board of Investment of Sri Lanka (BOI) recently signed agreements for 12 new projects worth Rs. 5.4 billion. Of the 12, three projects have been approved under the Nipuyum Sri Lanka 300 Enterprises Programme (300 EP) and the total investment for these projects reaches over Rs 545 million.

The BOI statement said the agreement CKT Apparels (Pvt) Ltd signed under the 300 EP was for a project to manufacture garments for the export market. An investment of Rs. 440 million, the project factory will provide employment for 925 employees at capacity. The factory will be located at Yatiyana, Agalawatta – an area which has been categorized as a ‘Difficult Area’.

Country Energy (Pvt) Ltd entered into an agreement for a project to set up two mini hydro power plants – one at Norton Bridge and the other in Ratnapura. The total cost of the project reaches over Rs. 1.1 billion and will be sponsored by Vallibel Holdings (Pvt) Ltd. Furthermore, Math Hydro Power (Pvt) Ltd signed agreements to set up a mini hydro power plant at Bogangana, Haldumulla. The initial investment of Rs. 300 million from California - USA, will be increased up to Rs. 500 million and the project is scheduled to commence in February 2007.

Rock Property Developers (Pvt) Ltd, with investments coming from Switzerland and Belgium, will construct an apartment complex at Colombo 3 at a cost of Rs. 600 million. Also in the property development sector, Living Islands (Pvt) Ltd signed an agreement for a Rs. 505 million worth project for the construction of an apartment complex in Colombo 5.

Encouraged by the rapid development of the BPO industry in Sri Lanka, Ascot Developments (Pvt) Ltd is undertaking a project for the construction of a high rise building complex, which is focused on providing office space for call centres and other BPO operations. An investment of Rs. 670 million, this complex will be located at T.B. Jayah Mawatha, Colombo 10.

RPC Retail Developments (Pvt) Ltd – a subsidiary of the Richard Pieris Distributors Ltd, signed an agreement for a Rs. 658 million worth project to construct building complexes for shopping malls at Negombo and Wattala.

The agreement signed between the BOI and Na Latex (Pvt) Ltd was for a project to set up a centrifuge latex processing plant at Munagama, Horana. A foreign direct investment of Rs. 113 million, 80% of the products will be for the export market.
JP Marine (Pvt) Ltd will be investing Rs. 150 million for a project to undertake deep sea fishing for the export market, and will operate from the fisheries harbours at Beruwala, Galle and Negombo.

Mushtaq Impex (Pvt) Ltd signed an agreement for a project to cultivate potatoes and vegetables in Lindula, Nuwara Eliya – a location which is classified as a ‘Most Difficult Area’ under the 300 EP. The Rs 30 million for the project will be funded by investors from Pakistan.

Also under the 300 EP, JJ Camping (Pvt) Ltd entered into an agreement with the BOI for a project to manufacture camping tents. Tents manufactured under the project will mainly be for the export market. The factory will have a labour force of over 600 employees and will be located at Kakaulandala – Agalawatta. The project is estimated to cost over Rs. 75 million.