India and Hong Kong to invest in BOI projects

The Board of Investment of Sri Lanka granted investment approval to Stone Asia (Private) Limited and Metal Components Services (Private) Limited. Dhammika Perera, Chairman/Director General signed the agreements on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors.

Stone Asia (Private) Limited

An agreement worth an initial investment of US $ 1.2 million was signed with Stone Asia (Private) Limited. The project will manufacture polished and rough marble slabs in value added form for export.

The venture sponsored by Indian investors is expected to create employment for a workforce of 50. The venture will import rough marbles from Europe, Italy, Spain and Greece. Value addition will be done at a state-of-the-art manufacturing plant located at the Mirigama Export Processing Zone.

Ashutosh Sane, Managing Director said that the value added marbles would be exported to markets in South East Asia and the Middle East. He also noted that the products would also be provided to the local market since there is a substantial demand locally. Ashutosh Sane, Managing Director and Anil Jain, Director of Stone Asia (Private) Limited signed the agreement on behalf of the company.

Metal Components Services (Private) Limited

Metal Components Services signed an agreement for a project to manufacture metal components for the export market.

The venture is an investment of US $ 2.75 million sponsored by investors from Hong Kong. The venture will manufacture custom made metal components for client requirements.

The production will be done at the manufacturing plant located at Katunayake Export Processing Zone that utilizes modern equipment imported from Sweden. Operations are expected to commence shortly and will mainly target the European and US markets. K. J Westman, Chairman and Veinert Holm, Director of Metal Components Services (Private) Limited signed the agreement on behalf of the company.