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Horana Tyre Factory --Rs.178 Mn for 99-year lease

30 January 2017 02:40 pm - 14     - {{hitsCtrl.values.hits}}

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The selected investor will be required to make a one-time payment of Rs.178 million for the 99-year lease of the 100 acre block of land at Wagawatta in Horana for the construction of a tyre factory, the Board of Investment (BOI) said today.

It said the amount has worked out in line with the valuation of the Chief Government Valuer.

BOI Chairman Upul Jayasuriya rejected claims made by Cabinet Spokesman and Minister Rajitha Senaratne that an acre of land had been leased out at a mere Rs.100 and said the agreement was yet to be signed with the investor.

However, speaking to the Daily Mirror, Mr. Jayasuriya said the suggested annual nominal payment stood at Rs.10,000 for the entire block of the land.

"The agreement with the investor is yet to be signed and there is no construction work being carried out on the land at the moment," he said.

Meanwhile, it was reported that President Maithripala Sirisena had stopped the levelling of the ground for the building of the factory.

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  Comments - 14

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  • Mandy Tuesday, 31 January 2017 09:31 AM

    No it is only Rs.112 a perch as 160 perches in an acre.

    Rohan Monday, 30 January 2017 04:49 PM

    Too many cooks spoil the dish! That's always the case in Sri Lanka.

    Mandy Tuesday, 31 January 2017 09:33 AM

    No it is 112 a perch as160 perches an acre. It is per year and a bargain for the investor.

    Arnold Monday, 30 January 2017 05:37 PM

    Only 11,125 a perch?? That's an unbelievable bargain.

    Bala Monday, 30 January 2017 05:37 PM

    This works out to Rs.17980 per year per acre. This may be current value but remember over 99 years at the tail end Rs.17980 will be enough to buy a packet of lunch and be over in a day due inflation. So it is a super bargain.

    Lal Monday, 30 January 2017 05:52 PM

    According to the Marangoni website they are giving tech for the project this will create lots of jobs

    Pibi Tuesday, 31 January 2017 06:06 AM

    Was PM invited to take part in the inauguration, even before signing the BOI agreement?

    Pibi Tuesday, 31 January 2017 06:08 AM

    Is Rajitha wrong? 10,000÷100 = 100!

    Sunny Tuesday, 31 January 2017 06:37 AM

    What about other investors, they have to wait to obtain a piece of BOI land, follow a supposed blind tender procedure . One rule for one person and another other persons. The way the investors see it, its some type of jugglery

    Premalal Tuesday, 31 January 2017 07:11 AM

    Why on earth do you need 100 acres for a tyre factory? This looks like a another "golf course " project by CBK and her friend. It finally ended up as a housing development and a hotel.

    Piyasiri Tuesday, 31 January 2017 07:21 AM

    How many tyre factories could be built with 12 billion Rs. that has lost through bank bond scam?

    M. Fool Tuesday, 31 January 2017 07:58 AM

    It is good for someone to calculate the number of packets of breakfast, lunch and dinner the employees will be able to buy during these 99 years.I am not good at arithmetics!!

    Nihal Amarasekera Tuesday, 31 January 2017 08:32 AM

    Ninety Nine Years is too long; why not make it Hundred; then all of us will be living.

    Zulu Tuesday, 31 January 2017 08:43 AM

    It should be for 50 years - 99 year lease for a tyre factory project is outrageousBut then again this is the UNP government that fails to follow logic


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