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
PM instructs to expedite paddy purchasing process as a bumper crop is expected
-- [43 minutes ago]
Sri Lanka main Tamil party lays claim to opposition leader post in parliament
-- [2 hours ago]
Sri Lanka President to totally ban the production and importation of asbestos in 2018
-- [2 hours ago]
Shareholders approve Sri Lanka's DFCC Vardhana and DFCC banks merger
-- [9 hours ago]
Meaningful reconciliation in Sri Lanka for durable peace and prosperity will take time - Foreign Minister
Time has come to focus on economic development, Sri Lanka tells international community
Final Randoli Perahera of Sri Dalada Maligawa tonight
Indian Tamil parties condemn U.S. support to Sri Lanka's domestic probe
U.S. grants Sri Lanka $ 3.2 million to develop schools in the East
Nigeria invites Sri Lankan investors, wants to boost bilateral trade

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.