Lankan liquor firm to open insurance unit

Business Times

Distilleries Corp of Sri Lanka (DCSL), Sri Lanka’s biggest liquor company controlled by business tycoon Harry Jayawardene, said on Thursday that it plans to start its own insurance subsidiary.

DCSL, in a statement said it has informed the Insurance Board of Sri Lanka its intention to set up a fully-owned subsidiary with a start-up capital of Rs 500 million with provision to raise it to Rs 1 billion. The DCSL group earlier bought state-owned Sri Lanka Insurance Corp (SLIC) when it was privatised but lost the company in a Supreme Court ruling.

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