BOI approves two new projects

The Board of Investment of Sri Lanka granted investment approval to Beira Enviro Solutions and K D U Mini Hydro Power to commence operations. Dhammika Perera, Chairman / Director General signed the agreements on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors.

Beira Enviro Solutions (Private) Limited, an agreement worth an initial investment of US $ 1 million was signed with Beira Enviro Solutions (Private) Limited. The venture is a project to manufacture plastic resins mono filaments and other products for the export market.

The company will collect PTE waste such as plastic bottles for processing. Initially collection would be done in the Western province and will be expanded starting from the Southern province.

Processing will be carried out in the state-of-the-art processing plant located at Horana. The project will generate direct employment opportunities for 50 and is expected to provide 300 to 400 indirect employment opportunities. Commercial operations of the venture will commence in 6 months and will export the products to Australia, Europe and North America.

Sanjay Kulatunga, and V. Selvaraj, Directors of Beira Enviro Solutions (Private) Limited signed the agreement on behalf of the company.

K D U Mini Hydro Power (Private) Limited. An agreement was signed to set up a mini hydro power plant at Bopattha, Ratnapura.

The power plant is an initial investment of US $ 3 million. The company will generate hydro power using the waters of Denawaka Ganga. The power plant will provide 1.5 mega watts of power to the national grid. Construction of the plant has already commenced and is expected to be operational by March 2010. Chairman of K D U Mini Hydro Power Limited Saman Upasena signed the agreement on behalf of the company.