$ 100m for mega project:

Indian engineering giant to invest in North

by Shirajiv SIRIMANE in Jaffna

The largest engineering company in India, L&T Infrastructure Development Projects, is keen to invest in major infrastructure projects in Jaffna.

Chief Operating Officer, L&T Infrastructure in Sri Lanka, Vishal Mathur told the Sunday Observer that the investment for the projects is over US $ 100 million.

He said that they are keen in investment road construction, high rise buildings, apartments and hotels, power generation and engineering projects.

“Our mission in Jaffna is to find trade partners,” he said.

Mathur said that new opportunities have emerged and they want to be a part of the development in the North. “We work on a build and transfer basis and are not keen on management,” he said.

“Tourism would boom in Jaffna and there would be a demand for mixed apartment development projects”, he said.

Commenting on the Diamond Towers, a joint venture with The National Housing Development Authority, which would be Sri Lanka’s tallest building, he said that they hope to start work on the project by the end of this year.

Located at Darley Road, the US$ 150 million investment project is scheduled to be completed in 2012. The 246-metre tower consisting of 59 floors and 1.5 million square feet, will include 177 luxury residential apartments on 19 floors, six penthouses and 128 serviced apartments on eight floors, while nine floors will be used for vehicle parking.

He said that with political stability there would also be more investments coming to the country. “Many investors who had second thoughts on investing would now invest in Sri Lanka,” he added.

He said that they are also keen to invest in the proposed Colombo-Kandy Highway project.

He said the company was in Sri Lanka five years ago to build the HSBC headquarters in Rajagiriya.

The company is currently building the world’s second largest airport in New Delhi.

Meanwhile, there was tremendous response for the Jaffna Trade Fair organised by the Sri Lanka Exhibition and Convention Services with the Federation of Chamber of Commerce and Industry, Sri Lanka (FCCISL). President, FCCISL, Kosala Wickramanayake said that the Trade Fair gave an opportunity to investors in the South and in India to recognise the potential of the entrepreneur in Jaffna.

“For the Jaffna entrepreneur it gave an opportunity to see new technology and purchase new machinery to enhance their business,” he said.

The Chief Guest for the event the High Commissioner of India, Ashok Kantha said that the exhibition would help build closer bonds between business entities of India and Sri Lanka and contribute to revive industries and economic activities in Jaffna and its re-emergence as a major economic hub in the region,” he said. He also pledged to support the revival of the former industrial zone in Atchuveli, Jaffna and also assist in the re-construction of the Colombo- Kankasanthurai Railway Line.