Sri Lanka’s Piramal Glass invests Rs. 1.3 billion on new bottling line for export market
Piramal Glass Ceylon Plc (PGC), which is a glass bottle manufacturer in Sri Lanka, has reportedly invested Rs. 1.3 billion on a new bottling line to cater to its export orders.
“We are looking forward with much expectations to support our export strategy in the new year expecting to reap the harvest on the new investment done by the company on its 6th bottle production line,” Chairman Vijay Shah has been quoted as saying.
“This investment of Rs. 1.3 billion was done with the objective of expanding its downstream capacities to support exports,” he has said.
“During the coming year, the company wishes to focus more on its strategy of doing business in the niche high value added specialty segment of glass bottles in the international market,” Shah has further noted.
PGC is exporting to India, Australia, Malaysia, Africa, Pakistan, Vietnam, USA and Canada.
According to Shah, in 2018/19 the firm’s revenue had grown 9 percent from a year earlier to Rs. 7.4 billion.
He has further stated that the firm had grown despite domestic challenges with a focus on exports, which grew 27 percent to Rs. 2.7 billion from a year earlier.
The state had recognized PGC as the leading foreign exchange earner in 2018 in the ceramic, porcelain and glass segment, Shah has added.
OSL take:
The investment on a new bottling line by Piramal Glass is indicative of the potential for growth and expansion for the private sector in Sri Lanka. Also, the development of new export lines shows the growth in Sri Lanka’s exports sector. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka makes the country the ideal business destination in the South Asian region.
| Article Code : | VBS/AT/08072019/Z_3 |