LOLC’s Gal Oya Plantations a role-model for profitable PPPs
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LOLC’s Gal Oya sugar plantations, once a loss-making state entity, is now a thriving township and entirely profitable venture.
At a time when enhancing profitability of public enterprises is an urgent need to boost the national economy of Sri Lanka, the revival and turnaround of Gal Oya Plantations (formerly known as Hingurana Sugar factory) by LOLC is a good example of how the nation’s assets can be enhanced through professionalism and expertise by the private sector.
As Sri Lanka’s first PPP initiated to revive non-operational government entities in 2007, the revolution brought about by the Gal Oya plantations today is helping the local sugarcane farmers and bringing prosperity to their lives and leading to social upliftment, all the while generating massive profits for state coffers, a company statement said.
The Hingurana Sugar Factory was set up in 1959 as a fully-owned subsidiary under the Sri Lankan Government till 1991, when it was fully privatised. However, by 1994 the project was abandoned and the government closed down the factory in 1997 but it was reopened as Gal Oya Plantations as a joint venture between the Government the Browns/LOLC group.
Today, the thriving sugar plantation employs about 1,300 direct employees across 8,500 Ha of agri lands. About 8000 farmers are engaged in sugarcane cultivation and over 20,000 people gain indirect employment from this project
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