Sri Lanka’s Board of Investment signs supplementary agreement with Hutchison Telecommunications
Sri Lanka’s state owned investments promotions bureau, the Board of Investment (BOI) of Sri Lanka, has reportedly signed a supplementary agreement with Hutchison Telecommunications Lanka Ltd. recently.
Hutchison Telecommunications Lanka Ltd. Chief Executive Officer Thirukumar Nadarasa, and Board of Investment of Sri Lanka Chairman Hemasiri Fernando had signed the agreement.
BOI Director General Champika Malalgoda was present at the signing ceremony at BOI Head Office, Colombo.
Hutchison Telecommunications Lanka Ltd. has been operating in Sri Lanka for over two decades and is a subsidiary of C K Hutchison of Hong Kong, which is a Fortune 500 Company, based in Hong Kong.
Strengthening its network position, Hutchison Lanka recently merged with Etisalat Lanka Limited and will operate under the new brand name Hutch.
Speaking of the Company’s expansion, Nadarasa has been quoted as saying: “By integrating the two networks, the combined business will provide Sri Lankan customers with a major boost in both rural and urban network coverage, and a renewed commitment in offering superior communication services to all customers.”
He has further noted, “Hutch recently launched 4G services in the Western Province and nationwide roll-out has also begun. The Hutch 4G network will unleash incredible benefits and capabilities for all customers.”
Hutch will be the third 4G operator in Sri Lanka and under the recently signed agreement, the initial investment will be US$ 115 million.
OSL take:
The signing of the supplementary agreement between Sri Lanka’s BOI and Hutch would result in the expansion of the country’s telecommunications sector. The expansion of the telecommunication sector plays an important role in Sri Lanka’s development plan since it ensures connectivity. Sri Lanka on its development drive has many business opportunities in its telecommunications sector. Foreign telecommunications companies could look at business/investments opportunities in Sri Lanka’s telecom sector.
| Article Code : | VBS/AT/18022019/Z_3 |