Sri Lanka Ports Authority and Lanka Sugar Refinery Company (Private) Limited, India signed an investment agreement to establish Sugar Refinery Plant at Magampura Port.
This Business venture agreement is signed for a term of 25 years and the expected total investment of this Business Venture is US $ 220 M. The initial capacity of this plant is 2000 tons/ day, which will be expanded up to 3000 tons/ day subsequently.
Raw sugar is expected to import by the Business Venture for refinement at this proposed plant. The company is planned utilize local human resource to the maximum level and expected to engage 1500 -2000 work force during the construction period. During their steady state of operation, nearly 300 -350 are expected to employ by them in various technical and commercial levels. Apart from the above nearly 1000 persons are expected to get indirect opportunities through this. The construction work of this plant is expected to complete within 24 months.
In parallel to construction of Magampura Port in Hambantota, Sri Lanka Ports Authority (SLPA) received investment proposals from prospective local and foreign investors to establish businesses within the port premises. Out of the 27 proposals received, the Cabinet of Ministers has approved 7 investment proposals, subsequent to the recommendations by Cabinet Appointed Negotiating Committee with the assistance of Technical Evaluation Committee. These proposals include proposals for setting up sugar refinery plant; cement grinding/ bagging plant, fertilizer plant, petro-chemical plant and warehouses.
The Business Venture Agreement was signed between Dr.Priyath B.Wickrama - Chairman of SLPA, Executive Director of SLPA Dr.Sanjaya Sedara Senarath and Mr.Rajesh Rawat - Director - Lanka Sugar Refinery(Private), Limited, Mr.William Dharmadas - Lanka Sugar Refinery(Private) Limited in the presence of Deputy Minister of port and Highways - Rohitha Abegunawardhane.