Harry Jayawardena-controlled Melstacorp PLC has entered into a cement business forming a joint venture company with Indonesia’s Gama Corp.
According to a stock exchange filing, Melstacorp has entered into a joint venture agreement with Pyramid Gama (Pvt) Ltd., for the importation, processing and distribution of cement to be undertaken though a joint venture company in the name of Melsta Gama (Pvt) Ltd.
The initial phase of the project is estimated to cost approximately US $ 20 million, the filing said.
Pyramid Gama is a joint venture between Pyramid Holdings of Sri Lanka and Gama Corp., Indonesia. Pyramid Holdings is the holding company of Pyramid Wilmar, which is currently the leading edible oil and specialty foods syndicate in Sri Lanka.
Gama Corp. of Indonesia is one of the largest cement players in the region, which currently manages one of the largest cement producing operations in the region.
Melstacorp is a diversified blue chip with interests in beverages, telecommunication, plantations, insurance, financial services, power generation, logistics, media, textiles, leisure, BPO services and IT.