Onyx buys CHICO

Nandana Lokuwithana a Sri Lankan businessman based in Sharjah, UAE the chairman of the Onyx Group is the new owner of Steel Corporation.

Lokuwithana plans to invest US$ 60 mn on the venture and has already invested US$ 33 mn including the working capital.

He said the investment is solely by the Onyx Group. During the first two years he is planning to establish a Rolling mill with European technology to manufacture new products and give the customers the best price.

Once that is complete we will move into other areas, said Lokuwithana who described him as a self made man. He said, two years back the government invited him to invest in Hambantota but since the infrastructure was not in place, he declined the offer.

In the mean time the Ceylon Steel Corporation owned by South Koreas Doosan Group was experiencing difficulties and was about to close down and Lokuwithana decided to go ahead and invest as he is into the business of steel fabrication and construction in Sharjah. The Staff strength of the Corporation is 580 which includes direct and indirect. Born in Medawachchiya and educated at the Anuradhapura Central College, describing himself as a villager Lokuwithana said that Sri Lanka is our country and we have to do our best for the country. The Ceylon Steel Corporation was originally sold to South Korea’s Doosan Group and renamed Ceylon Heavy Industries and Construction Co. (CHICO) and now it has changed hands again to Nandana Lokuwithana, a Sri Lankan businessman with steel and construction related interests in the United Arab Emirates (UAE).SG