Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka to rehabilitate four sugar plants to boost local production
Fri, Aug 1, 2014, 11:18 am SL Time, ColomboPage News Desk, Sri Lanka.

Aug 01, Colombo: The Sri Lankan government plans to rehabilitate four sugar plants with the view to increase local production up to 40 percent of the annual sugar requirement of the country by 2020.

The Cabinet has granted approval to a proposal put forward by the Minister of Sugar Industry Development Lakshman Seneviratne to develop the Kantale, Hingurana, Sevenagala and Pelwatte Sugar Industries.

The Officials' Committee appointed by the Cabinet to make recommendations for the rehabilitation of the four Sugar Industries has considered the Minister's proposals and approved the measures.

Accordingly, 27,567 hectares of land belonging to Kantale, Hingurana, Sevenagala and Pelwatte Sugar Industries will be leased out for a period of 99 years to Lanka Sugar Co. (Pvt.) Ltd. which is a 100% Government owned company.

The move is aimed at increasing the company's equity capital enabling it to obtain the required financial facilities for the development of the four Industries.

Under the proposal, Kantale Sugar Industry will be developed and modernized with the assistance of the Czech Republic.

Further, the cabinet has approved allocating blocks of land to farmers for sugarcane cultivation by entering into forward contracts with the farmers for the purchase of sugarcane.

Priority will be given to the farmers who are already engaged in sugarcane cultivation and farmers who are residents of the Districts where the relevant lands are situated.

The government annually spends Rs. 60 billion for sugar imports to meet the country's requirement and the government is seeking investors to restart the sugar factories that are dormant now.

ColomboPage - Recent 10 Stories
Sri Lankan opposition MPs to continue protest until President gives written assurance
-- [20 minutes ago]
Sri Lanka's Bank of Ceylon posts record Rs. 20.3 billion profit in bank's history
-- [51 minutes ago]
Sri Lanka parliament to begin debate on 19th Amendment to Constitution today
-- [2 hours ago]
Sri Lanka Bribery Commission summons former minister's wife
Sri Lankan Speaker summons Director General of the Bribery Commission to parliament
Sri Lanka Cricket shocked by International Cricket Council's decision to withhold its dues
Peshala Jayaratne appointed as Sri Lanka Freedom Party organizer for Polonnaruwa
Opposition MPs hand over letter to President against summoning former President to Bribery Commission
Sri Lanka's Colombo Stock Exchange to host conference for regional exchanges
Fitch rates Sri Lanka's Singer's' proposed debenture issue A-(lka)(EXP)'

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.