Sri Lanka Ports Authority has approved $610 million investment in large warehousing projects for sugar, fertilizer, and bottle manufacturing at its new port in Hambantota, due to start commercial operations this year.

"We have approved $610 million from three firms to start warehousing in a sugar refinery, fertilizer bagging and bottle manufacturing," Sri Lanka Ports Authority Chairman Dr. Priyath Wickrama told Reuters.

The $1.4 billion port on the southern coast of the Indian Ocean island nation is among the single largest investment opportunities opened to outside investors since the end of a 25-year war in 2009, states Reuters.

The ports authority has secured around $1 billion in investment into secondary port facilities, including warehousing, as Hambantota gears up to attract 2,500 ships annually when it opens.

The new port is located about 2 km from one of the world's biggest east-west shipping lanes.

India's Shree Renuka Sugars, Singapore's Peak Energy and Sri Lanka's conglomerate Hayleys will together invest $610 million in sugar refining, bottle manufacturing, and fertilizer bag production respectively, the Chairman said.

"They will be starting operations before the end of next month. We also have unapproved proposals worth $30 million to start cement manufacturing, vehicle assembling, and building three more warehouses."

The operators of large commercial ships have already discussed business opportunities with the ports authority, he said.