Nov 29, Colombo: Sri Lanka's largest intimate apparel manufacturer, MAS Holdings will invest US$ 70 million to set up the largest, automated knitting plant in the region at Thulhiriya, within the MAS Fabric Park.
The company is fully renovating a 200,000 sq. ft. facility to accommodate the knitting plant in the Export Processing Zone at Thulhiriya.
"There is a lot of innovation and technology involved in this project, which makes this a strategic step for MAS and Sri Lanka in the field of textile and apparel," Sri Lanka's investment promotion agency Board of Investment (BOI) said in a statement.
BOI said the new facility at Thulhiriya is very significant as not only does it reflect the spirit of innovation characteristic of the Sri Lankan apparel industry, but also it is in line with some of the important strategic goals set by the Government.
This is the largest investment by MAS Holdings in its 25-year history. The company has 28 facilities around the world and employs 55,000 people worldwide.
MAS Holdings supplies its intimate line of fabrics and active ware to famous name brands such as Victoria's Secret, Mark & Spencer, Soma Intimates, La Senza, GAP, DBA, H&M, Lululemon, Oysho, and Athleta.
The BOI said it has identified the manufacture of fabric as a strategic import replacement industry since locally made fabric will reduce the dependence on imported fabric.
"The use of locally made fabric will contribute to strengthening the competitiveness of Sri Lanka made apparel in world markets. For Sri Lanka the textile and garment sector is a strategic industry that contributes US$ 4 billion in exports (approximately 38% of total) and provides 276,000 direct employment opportunities," the BOI said.