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Business in brief

India-Lanka Industrial Cooperation Agreement

An Industrial Cooperation Agreement will be signed between India and Sri Lanka to boost industrial cooperation between the two countries. The Industries Ministers of the two countries Dr C.P. Takur and Rohitha Bogollagama will sign the agreement in New Delhi, India on January 27. A Sri Lankan delegation including the minister, Secretary to the Minister, Dr U. Vidanapathirana and Chairman, Industrial Development Board, Dr Bandula Perera left for India last Friday to sign the agreement.

JKH disposes of two subsidiaries

The John Keells Holdings Group (JKH) has disposed of its shareholdings in John Keells Institute of Information Technology (Pvt) Ltd. (JKIIT) and Gorden Frazer and Company Ltd. The total consideration for both transactions was Rs 24.5 million.

JKIIT is an IT training institute and was part of the Information Technology sector of the Group. Gorden Frazer is involved in the export of bulk teas and the export and distribution of value added teas.

The Group reviews its portfolio of investments on a regular basis. These two entities were no longer of strategic value to their respective sectors and were not likely to meet the return hurdles of the Group.

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