BOI approval to produce cooling equipment

The Board of Investment of Sri Lanka granted investment approval for ventures in manufacturing cooling equipment and an export trading house. Chairman/Director General, Dhammika Perera signed the agreements on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors.

An agreement was signed with Lanka Cold Chain (Private) Limited to set up a venture to manufacture polyurethane panels and related cooling equipment for cold and refrigeration trucks.

These cooling panels will be manufactured for export and the venture will also manufacture cooling equipment for the local market.

The project is a joint venture between UK based Paneltex, Sommers and Frostaire, Sri Lanka.The venture is an investment of US $ 1.1 million and will establish a state-of-the-art manufacturing plant. Directors of Lanka Cold Chain (Private) Limited, Stuart Shreeve and Mukthar Marikkar signed the agreement on behalf of the investor.

An investment agreement worth US $ 100,000 was signed with Panglobe E T H (Private) Limited. The venture is a project to set up an export trading house for a variety of Sri Lanka products.

The venture sponsored by Indian investors will be located at Nikapotha.

This will initially export Sri Lankan spices. Panglobe E T H will export the spices to US, European and Indian markets.

The venture will provide employment for 30 initially and will commence commercial operations in two months. CEO, Ramesh Narayanan said that they hope to start value addition to the spice products in the near future and that there is a big demand for value added spice products in the European and US markets.

CEO of Panglobe E T H (Private) Limited, Ramesh Narayanan signed the agreement on behalf of the company.