Hambantota port gets $610m investment

25 Aug 2011 - {{hitsCtrl.values.hits}}

Sri Lanka’s ports authority said yesterday that it has approved $610 million investment in large warehousing projects for sugar, fertiliser, and bottle manufacturing at its new port in Hambantota, due to start commercial operations this year.

The $1.4 billion port on the southern coast of the Indian Ocean island nation is among the single largest investment opportunities opened to outside investors since the end of a 25-year civil war in 2009. The ports authority has secured around $1 billion in investment into secondary port facilities, including warehousing, as Hambantota gears up to attract 2,500 ships annually when it opens.

The new port is located about 2km from one of the world’s biggest east-west shipping lanes.

“We have approved $610 million from three firms to start warehousing in a sugar refinery, fertiliser bagging and bottle manufacturing,” Sri Lanka Ports Authority Chairman Priyath Wickrama told Reuters.

India’s Shree Renuka Sugars, Singapore’s Peak Energy and Sri Lanka’s conglomerate Hayleys will together invest $610 million in sugar refining, bottle manufacturing, and fertiliser bag production respectively, Wickrama said. (Source: Reuters)

Breaking News

Hambantota port gets $610m investment

Most Popular Articles

More arrests of lawyers, politicians and senior police officers

Former National Lotteries Board Chairperson Shyamila Perera arrested

Girl visited her lover, gang raped by lover and his friends

Updated World Test Championship standings after West Indies’ record win over Sri Lanka

Historic locomotive move between Kandy and Peradeniya without tracks

Country loses US $ 1 billion in fraudulent transactions, certain banks involved

Latest News

Spa Association complains to IGP over alleged police action

CIABOC says Wijeyadasa Rajapakshe was in Dubai during alleged bribe transaction

Early gains fade as profit-taking pushes CSE into negative territory

Rail compartment transported by road

Litro cuts domestic LP gas prices by up to Rs. 300