BOI inks deals in tourism and pharmaceutical sectors

Dec 21, 2018 (LBO) - The Board of Investment signed Agreements for projects in the field of hotels and the manufacture of pharmaceuticals. The Agreements were signed on behalf of the BOI by the Chairman Hemasiri Fernando. Also present was Champika Malalgoda, Director General of BOI. The Wild Beach Resorts (Private Ltd) project is to set up, construct and operate a 42 roomed hotel that will be located at the Yala Wildlife Tourism Zone at Palatupana, Yala.  The value of this investment is US$ 12 Milion. Muruganathan Pillai, Director of Melwa Hotels and   Resorts signed the Agreement on behalf of the company. Pillai stated “we have already signed two projects with the BOI, one will be located in Negombo and construction has already begun.  The Negombo hotel will be opened in 2021 and will be operated by the Hilton Chain .The Yala project which was signed today will also be opened in 2021.This hotel project when completed will also be operated by the Hilton Chain.  This will of course be a very high end hotel project”. The other project signed by the BOI was with Kelun Life Sciences (Private) Limited to manufacture IV fluids for the local and export markets.  The plant will be in the Kandy Industrial Park. The project will employ 110 workers.
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The investment value of the project is US$ 12-75 Million of which US$ 9.5 will be FDI. The agreement was signed on behalf of the company by Nadarajah, Managing Director of the Kelun Life Sciences (Pvt) Limited. Mr. Nadarajaj stated ”We plan to manufacture injectables and supply these to the Health Ministry. This will help reduce the shortages in the country, result in freshly manufactured stocks and also contribute towards import substitution”. In addition to the these projects, the BOI signed a supplementary  agreements with existing BOI companies in the areas of Software development  for export, radio broadcasting, latex mattress manufacture, apparel manufacture, poultry feed production, conversion of vehicle from left to right handed driving, lace manufacture.