BoI signs agreement with Wayamba Milk Processing
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Minister of Enterprise Development and Investment Promotion, Dr.
Sarath Amunugama, is handing over the BoI agreement to Kartick
Sivaram, Director KPS Agri Company Limited. BoI board members
Eshan De Silva and Channa Palansuriya are also in the picture.
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The Board of Investment of Sri Lanka signed an agreement with Wayamba
Milk Processing (Private) Limited Channa Palansuriya, Board Member and
Eshan De Silva, Board Member signed the agreement on behalf of the BOI.
Minister of Enterprise Development and Investment Promotion Dr.
Sarath Amunugama, formally presented the investors with the BOI
Certificate of Registrations.
The project sponsored by KPS Agri Company Limited, India is a joint
venture with Agricultural Entrepreneurship Development Co-operative
Society Limited. 100,000 Litres of milk is expected to be processed per
day and the company will produce milk powder, sterilized milk and
pasteurised milk at the initial stage.
The second stage of the project will focus on promoting raw milk
production by the local farmers. The company will start production of
yogurt, flavoured milk and milk sweets in the second phase of the
venture.
The products manufactured will be aimed 100 per cent for the local
market. The investment valued at US $ 8 million factory will be located
at a 10 Acre land at Denevor Estate, Mawathagama. The venture is
expected to provide direct employment opportunities for 100 and 5000
farmers.
Construction of the dairy farm at Kurunegala will get under way
during December and is expected to be completed in September 2008.
The venture will be equipped with the latest technology imported from
India. Amunugama, speaking at the occasion said that this is an
important day for the Wayamba Provincial Council.
The minister stressed on the importance of these types of development
projects launched by the Provincial Councils and the potential that the
Eastern and Wayamba Provinces offer to the development of the local
economy.
The minister requested the other Provincial Councils to take a lead
from the Wayamba Provincial Council in promoting investment in their
respective areas.
Director of Agricultural Entrepreneurship Development Co-operative
Society Limited, R A Thilakarathna, and Director KPS Agri Company
Limited Kartick Sivaram, signed the agreement on behalf of Wayamba Milk
Processing (Private) Limited.
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