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| Sunday, 14 November 2004 |
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Holcim to invest USD 30 million Holcim Ltd of Switzerland is to inject a massive investment of 30 million US dollars (3 billion LKR) into its local subsidiary Holcim (Lanka) Ltd. The funds will be used for capacity expansion of its Palavi and Ruhunu cement plants as well as general business restructuring. While increasing the manufacturing efficiency of the two plants, state-of-the-art equipment will enhance the company's environmental performance. In securing this investment for Sri Lanka, the Board of Directors and the management of Holcim (Lanka) Ltd had to convince the Board of Directors of Holcim Ltd in Switzerland that Sri Lanka is conducive for investment. The government's ongoing commitments to investor-friendly policies and the prospect of permanent peace have immensely contributed to this decision in favour of Sri Lanka. However, recent developments such as looming price control, a 100% tax on property transfers, and the introduction of a new tax (Economic Service Charge) have raised some concern with the foreign investors. Continued prevalence of the investor-friendly environment will help Holcim (Lanka) Ltd to secure further investment despite stiff competition for money among the Holcim Group companies and affiliates in over 70 countries. |
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