Sri Lankan milk powder company to invest US$ 7 million to increase dairy milk production
Local milk company, Lanka Milk Foods, has reportedly stated that it was investing an additional US$ 7 million in its dairy farm at Ambewela in a bid to increase production dairy milk for local consumption.
The company has reportedly stated in a stock exchange filing that the country’s Board of Investment (BOI) had approved its plan to incorporate a subsidiary company for setting up the dairy farm at Ambewela for the local market.
The BOI has grant approval to enhance the envisaged investment of the project to 17 million US dollars (3,103 million rupees) from 10 million US dollars, the stock exchange filing has further stated.
OSL take:
Sri Lankan authorities are engaged in developing the country’s dairy sector. The government of Sri Lanka is looking at making the country self sufficient in dairy milk and has offered many incentives to promote the industry. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s dairy industry.
| Article Code : | VBS/AT/22102019/Z_7 |