Sri Lanka expropriated factories to new investors

June 03, 2012 (LBO) - Sri Lanka has given a series of defunct factories which were expropriated from foreign and local investors in November last year to new investors, with compensation also promised, a finance ministry report said.

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The finance ministry's annual report said Heath Food Products (Pvt) Ltd has been given to a firm called Somlotus (Pvt) Ltd to manufacture home appliances for export.

Continental Vanaspathi (Pvt) Ltd, a firm which had an Indian investor had been given to BCC Lanka Ltd, a state-run firm to make edible oil and soap, Sri Chirag (Pvt) Ltd has been given to Chemsel Lanka (Pvt) Ltd to make carboxy methyl cellulose for export.

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Hy - Fashion garments had been given to Concord Apparels (Pvt) Ltd for export apparel making, Sinotex (Lanka) ltd -1 has been given to JAT Holdings (Pvt) Ltd to make paints for the domestic markets, Sinotex (Lanka) Ltd - II has been given to Expo Lanka group.

Plymouth Industries (Pvt) ltd has been given to NIVO International (Pvt) Ltd to process cashew kernels, Jaqalanka Ltd has been given Bachchawat Enterprises Ltd to make snacks, Rican Lanka (Pvt) ltd has been given to Atotech Ltd for engineering services.

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Tandon Lanka (Pvt) Ltd has been given to MAS Intimates Lt