George Steuart to venture into India and China

by Jayampathy Jayasinghe

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George Steuart and Company, one of the oldest Sri Lankan companies plans to venture into emerging markets in South East Asia such as India and China to expand their bilateral trade.

George Steuart’s new Chairman Jayantha Wimalagooneratne said they hope to tie up with an Indian pharmaceutical company for importation of drugs and were also looking at opportunities available in China to promote tea. He said with the setting up of George Steuart Philippines Inc, in the Philippines, a decade ago they have become an international company.

“It was our focus now to move towards making the group a truly multinational one. We are committed to make George Steuarts a business star by acquisitions and participation in equity and through joint ventures,” he said.

The new chairman was addressing a media briefing on the retirement of its Group Chairman Somasundaram Skandakumar who served the company for 34 years. He was the Managing Director of the company for three years and also the Group Chairman for the past eight years.

He said until 1975 it was the management of plantations and after its nationalisation the company’s core business was airline ticketing and inbound tours, import and distribution of pharmaceuticals, tea exports and imports and marketing of telecommunication equipment, recruitment of professionals, skilled and semi-skilled categories of employees for highly placed principals overseas. He said the reconstituted board will meet the challenges of business locally and globally.

“It is possible that we may not have done sufficient to a company rich in history due to maintaining a low profile.

“However, I now feel that the time is opportune to move in that direction and to make available our varied portfolio of goods and services to the masses under one roof. “We recently set up a Steuart Centre in Galle and propose to set up many centres in other parts of the country to reach out to the people,” he said.

George Steuart, one of the oldest mercantile establishments in Sri Lanka had continued in business for 173 years. Guiding the company was the primary responsibility of its directors and their obligation towards shareholders, he said.

The outgoing Chairman S. Skandakumar said the business was founded by James Steuart and his brother in 1835.

The plantation industry which they pioneered was still the mainstay of the country’s economy.

He said the company survived the Coffee disease of 1860, weathered the recession of two world wars and overcame the plantation nationalisation which eroded all its income. Group Joint Managing Director Duleep Daluwatte, Group Deputy Chairman K. Neelakandan and Group Joint Managing Director Dubsy Kanagaratnam also spoke.