Biz Briefs

Krrish Group to set up $ 450 m tower

The Board of Investment of Sri Lanka (BOI) signed an agreement recently for a $ 450 million project for a prestigious mixed development Tower Complex, with the Krrish Group of New Delhi, India.

The Krrish Group is a diversified company whose activities span a wide range of sectors. They are also leading real estate developers in New Delhi and are best known for ultra-luxurious residential projects.

Under the Agreement, the investor will build a complex that will consist of four high rise towers at Transworks Square in Colombo Fort.

Young entrepreneur awards

The HSBC Youth Enterprise Awards (YEA) 2012 presented by the British Council was held at the Hilton Colombo recently.

Having been assessed through multiple rounds of workshops and evaluation, the three finalists presented their business ideas to an expert panel headed by Prof. Chandra Embuldeniya together with CEO of Orion Development (Pvt) Ltd, Jeevan Gnanam, and Vice-President and General Manager Virtusa Corporation, Madu Ratnayake at the YEA finale.

Gross Official Reserves up

Gross official reserves increased to $ 7,099 m by end July 2012 from $ 6,045 m at end June 2012. This reserve level is equivalent to 4.2 months of imports, the Central Bank said.

The final tranche of the IMF-SBA facility and proceeds of the fifth international Sovereign Bond issue, inflows on account of services and worker remittances, inflows to the Government to finance various infrastructure projects, foreign direct investment and portfolio investment have helped raise the country's foreign reserves to these levels.

Abans, dealer for Hero Motocorp

Hero Motocorp Ltd., launched a range of two wheelers recently at the Waters Edge in Battaramulla. The company ventured into a new partnership with the Abans Group to import its two-wheelers to the country. Abans has been appointed sole distributor of the Hero Motocorp range of two wheelers in Sri Lanka. The products are distributed through a network of over 50 outlets.

SREI Infrastructure Finance launched in Sri Lanka

SREI Infrastructure Finance Ltd. (India) was launched in Sri Lanka through its local partner Arinma Holdings (Pvt) Ltd recently.

CEO of the SREI Infrastructure Advisory Group, Dr. R. Mandal said, "After the end of terrorism, Sri Lanka is experiencing an unprecedented boom in construction and large-scale development projects all across the country. "I, therefore, believe we can contribute greatly to this vibrant economic activity with our expertise and know-how successfully synergising with our local partner Arinma Holdings."

Akbar Pharmaceuticals wins five awards

Akbar Pharmaceuticals won five awards, two Gold and three Silver awards in the Health Care category at the recently concluded SLIM-NASCO 2012 awards at Water's Edge, Battaramulla.

Sri Lanka Institute of Marketing (SLIM) hosts NASCO, Sri Lanka's premier event recognising excellence in sales, as a means of rewarding sales professionals and motivating them to greater heights.

Kasun de Silva and Pradeep Jayamuni, won Gold awards in the Territorial Manager and Front Liner Categories, while Silver awards were won by Sadat Lameerudeen (Territorial Manager Category), Shahan Chandraratne (Executive Category) and Dilshan Mallikarachchi, (Front Liner Category).

Etihad Airways increases stake

Etihad Airways confirmed its equity stake in Virgin Australia Holdings had reached 10 percent. This represents 221 million shares which have been bought on the open market over recent months.

Six weeks ago Etihad Airways received Foreign Investment Review Board (FIRB) approval to increase its holding from 5 percent to 10 percent.

Etihad Airways President and Chief Executive Officer, James Hogan said, "We are pleased to have reached this threshold. We support the management strategy of Virgin Australia and will continue to work closely with them on ways to improve our business."
 

Forty SLIM students graduate in UK

Forty Sri Lankan students who followed the Buckinghamshire New University MBA at the Sri Lanka Institute of Marketing (SLIM) graduated this year. The graduation ceremony was held last week at the Buckinghamshire New University (UK).

SLIM President Tilan Wijeyesekera said he was happy with the progress that SLIM-Bucks MBA program has made in Sri Lanka. "Today it stands as one of the best private MBAs on offer by a UK-based university. This also shows the capabilities of SLIM to market this program in Sri Lanka.

Baur launches Polar sunglasses

Baur Asia Pte. Ltd. launched Polar premium polarised in Bangkok recently. "Polar combines fashion and inspiration on a superior level giving the consumer his style and a quality product. Polar offers luxury and fashion everyone can afford", a spokeman for the company said.

Many celebrities and models were part of the launch and gave the occasion the touch of Polar premium style and quality.


 

SLT opens teleshop in CTO building

Sri Lanka Telecom (SLT), the national telecommunications provider, unveiled its new teleshop at a heritage building in Colombo Fort. The teleshop was opened by CEO of SLT, Greg Young recently. "The opening of this teleshop is a truly historic event, as it is in the Ceylon 'Central Telegraph Office' (CTO), a historic property constructed in 1911," a spokesman for SLT said.

Group Managing Director, Ceylon Biscuits Limited Ms. Shea Wickramasingha receives the Award for the Extra Large Category at the CNCI Achiever Awards 2012 from the Head of the Sri Lanka Mission, Asian Development Bank , Rita O Sullivan. Chairman, Ceylon National Chamber of Commerce, Preethi Jayawardena and General Manager, Human Resources, Ceylon Biscuits Limited, Chatura Wijesuriya are also seen in the picture.