Ceylon Steel Corp.-UAE’s Onyx in US $ 100mn cement JV

In a joint venture, Ceylon Steel Corporation and UAE-based Onyx Group of Companies are investing US $ 100.08 million to set up a cement blending and grinding plant in the Mirijjawila Export Processing Zone, in Hambantota.

Development Strategies and International Trade Deputy Minister Nalin Bandara on Tuesday announced that the construction of the plant would commence from March 24, 2019, on a 62.5-acre land in the zone. 

The project is targeted at meeting the increasing demand for cement in the local market.

The first production of cement is expected to come to the market in about 18 months.

The project is scheduled to be completed within five years.