BOI approves projects worth $ 43m

The Board of Investment of Sri Lanka (BOI) granted investment approval for eight new projects worth USD 43.71 million. Board members Eshana de Silva and Upali Samaraweera signed the agreements and presented the BOI Certificate of Registrations to the investors.

People's Leasing Property Development Limited signed an agreement to set up a mixed development project in Colombo 8.

People's Leasing Property Development Limited, a subsidiary venture of People's Leasing Co. Limited is an initial investment of US $ 5 million. The 12 storeyed building will house the Head Office of the group and also a People's Bank Branch with two ATM machines will be set up in the Ground Floor. Construction of the complex began last month and is expected to be completed within two years. Chairman of People's Bank and People's Leasing Group of Companies W. Karunajeewa and D. P. Kumarage, CEO/GM of People's Leasing Co Limited signed the agreement on behalf of People's Leasing Property Development Limited.

An agreement to set up a project to manufacture hosiery and fine hosiery for export was signed with Finetex (Pvt) Ltd. Finetex is an investment made by Sebino/Viscotex, Italy. Sebino/Viscotex, Italy is one of the largest manufacturers of socks and hosiery in the world.

The company has a history of over 50 years and has a reputation for manufacturing fine quality ladies stockings.

The venture first invested in Sri Lanka 25 years ago with the establishment of Texlan, Filotex and Texlan Centre.

The new project is an investment US $ 1.5 million generating employment for 150. The Directors of the company are P. A Berterali, S. T. Nagendra, Dinal Peiris and C. L. K. P. Jayasuriya.

F & G Realtors International (Pvt) Ltd. signed an agreement to set up a mixed development project at Ratnapura.

The mixed development project is a joint venture between F & G Property Developers (Pvt) Ltd., The Finance and Guarantee Co. Ltd. and F & G Real Estate Co. Ltd.