Sri Lanka’s Board of Investment approves project to manufacture concrete electrical poles, piles and railway sleepers
The Board of Investment (BOI) of Sri Lanka has reportedly signed a supplementary agreement with Senaka Zenn (Private) Limited to set up a project to manufacture pre-stressed spun concrete electrical poles, piles and railway sleepers using Japanese technology for both local and export markets.
The initial investment by the company was US$ 10.3 million, the BOI has stated.
Local media reports stated that the supplementary agreement was signed by BOI Chairman, Mangala Yapa and Chairman of Senaka Group of Companies, Senaka Gurusinghe.
The project is an import substitution project which will save Sri Lanka considerable foreign exchange and at the same time is environmentally friendly since it reduces the dependence on wooden poles.
“Our project was started in 2016 and so far a total of 100,000 poles have been supplied to the CEB, LECO, and SLT. The project was started as a substitute for the wooden poles used by CEB,” Gurusinghe has been quoted as saying in the local media.
“I should also stress the fact that wooden poles have a lifetime of just 8-10 years at most, hence the use of concrete poles provides a more permanent solution to the country’s requirement,” he has said, adding that the poles are made of spun concrete in Sri Lanka using technology from Japan.
“The inside of the poles is hollow, so, it is the same weight as the wooden poles and can be easily carried and installed. These advantages together with the environmental benefits mentioned make our products a very attractive proposition for Sri Lanka,” Gurusinghe has added.
OSL take:
Sri Lanka’s ongoing aggressive development programme that covers all key economic sectors islandwide has increased business/investment opportunities in all sectors in the country. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka.
| Article Code : | VBS/AT/22102019/Z_3 |