Mahindra to invest around $250 mln in Trinco, Katunayake

By Bandula Sirimanna

A leading Indian company, Mahindra and Mahindra Group is to invest around $250 million in a massive infrastructure development project in the new Trincomalee EPZ and an IT park at Katunayake as a joint venture with the Board of Investment creating a new industrial culture by promoting public and private partnerships.

Senior Vice President and Executive Director of Mahindra Group Arun Kumar Nanda who was in Sri Lanka entered into a formal agreement with the BOI to implement these two projects. Arrangements to start the Katunayake IT Park have been finalized at the 14-member Indian Business delegation’s meeting with Enterprise Development and Investment Promotion Minister Dr. Sarath Amunugama. Indian Union Minister of State for Commerce Jairam Ramesh led the visiting team.

The relevant MOU was signed to set up the IT park at a 53-acre site in Katunayake which will create 25,000 job opportunities for Sri Lankan youth, Nanda told The Sunday Times FT. He said the Mahindra goup will invest around $100 million on the project.

Deputy Director General (Infrastructure), BOI, L.D. Dickman said Mahindra has asked for a 3,000 acre land for the infrastructure development project in Trincomalee and ‘we are making arrangements to acquire land for this purpose’.