Sri Lanka Telecom PLC (SLT) has incorporated a private limited company in the name of ‘Galle Cable Depot (Pvt) Ltd.’ for the purpose of carrying out the business of constructing, providing and managing a cable depot in Galle. The incorporation of the company was pursuant to the joint venture agreement entered into between SLT and Indian Ocean Cableship Pte. Ltd of Singapore on June 19th this year.
The Rs.314 million project has been approved by Sri Lanka’s Board of Investment. SLT will be investing 40 percent of the equity capital which will amount to approximately Rs.28 million out the total equity capital of Rs.70 million as agreed by the parties.