Shree Renuka Sugars Limited India, through its subsidiary Lanka Sugar(Pvt)Limited will invest $ 220 million on a sugar refinery at Magampura Mahinda Rajapaksa Port.

The project will provide direct employment to 300 and indirect employment to 1,500 individuals.

A meeting was recently held between the officials of Shree Renuka Sugars Ltd and Investment Promotions Minister Lakshman Yapa Abeywardena at the Ministry.

Investment Promotion Minister Lakshman Yapa Abeywardena said that many investors were willing to commence new factories at the Magampura port and the construction of a port in Hambantota was an important catalyst for major economic development in Sri Lanka.

Meanwhile, Thatta Cement Company will invest a significant sum of money on a cement manufacturing plant that is to be established in the near future.

The factory will produce 100,000 metric tons in the first few years and plans to develop to one million by the seventh year.

The company hopes to send the products manufactured in Sri Lanka to Pakistan and will provide 30 to 40 job opportunities.

Project Minister Rohitha Abeygunawardena recently said eight investors have signed agreements with the Sri Lanka Ports Authority (SLPA) to commence new business ventures at the Magampura Mahinda Rajapaksa port.

These investors have agreed to invest US $ 01 billion at the port to start new factories.

All arrangements were in place to develop the Magampura Port as one of the best re-exporting ports in the world.
(DN07022013)