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Sri Lanka is set to establish a major logistics hub in Trincomalee’s Kappalthurai, targeting heavy industries and aiming to attract up to $1.5 billion in investment. State Minister of Investment Promotion Dilum Amunugama announced the development, highlighting the 600-acre zone’s potential to connect sea, air, and railway cargo freights. This new logistics hub will be
The Maliban Group has announced a major leadership transition, with A.G. Kumudika Fernando being appointed as the new Chairperson, effective August 15, 2024. This appointment follows the recent passing of A.G. Ratnapala Samaraweera, the previous Chairman and Kumudika’s father. Samaraweera was the son of A.G. Hinni Appuhamy, the legendary founder of Maliban, and upheld the
Sri Lanka’s tourism sector has attracted US$ 71.53 million in investment proposals up to August 16th this year, according to the latest data from the Sri Lanka Tourism Development Authority (SLTDA). During this period, 43 investment proposals were submitted, aiming to add 773 rooms to the nation’s hotel stock. As of June 31st, SLTDA had
Sri Lanka’s first-ever seven-star hotel project, Aviyana Private Chalets (Aviyana Ceylon), currently under development in the Udispattuwa area of Kandy, is now inviting investors to participate in its groundbreaking venture. With investments starting at Rs. 5 million, the project promises to significantly boost the country’s economy and tourism industry. To raise awareness about the Aviyana
Rajkumar Kanagasingam, Founding President of the Fintech Association of Sri Lanka (FASL), has been awarded the Bronze in the “Executive of the Year – Financial Technology” category at the 2024 Stevie Awards for Technology Excellence. The prestigious awards ceremony is scheduled for September at the Marriott Marquis Hotel in New York. The Stevie Awards, established
Teejay Lanka PLC, Sri Lanka’s pioneering multinational textile manufacturer, has announced a remarkable turnaround in its financial performance for the quarter ending June 30, 2024 (1Q25). The company reported a profit before tax of Rs. 273.7 million, a significant recovery from the Rs. 701 million loss recorded during the same period last year. Revenue for
INQ Holdings, a unit of the Qatar Investment Authority, along with SBI Mutual Fund and foreign investment firms Nomura and Citigroup, emerged as the largest buyers in Adani Energy Solutions Ltd’s (AESL) $1 billion Qualified Institutional Placement (QIP). The QIP, which closed last week, attracted interest from over 120 investors seeking shares in AESL, a
Sri Lanka has secured Foreign Direct Investment (FDI) agreements totaling $800 million for 35 projects in the first quarter of 2024, according to Investment Promotion State Minister Dilum Amunugama. In a recent interview with Derana TV, Amunugama highlighted that in 2023, Sri Lanka signed FDI agreements worth $1.2 billion following its engagement with the International
Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne has raised significant concerns in Parliament about the obstruction faced by Puttalam Ilmenite Ltd. (PIL) in accessing land owned by the Sri Lanka Cement Corporation (SLCC). PIL has invested over $20 million over the past decade and is now facing hurdles that threaten a $100 million investment—the largest
Adani Power Ltd. (APL), part of the Adani portfolio, has announced its performance for the first quarter ending June 30, 2024. APL CEO S.B. Khyalia highlighted the company’s proactive approach to growth and sustainability. “As Adani Power advances, we are preparing for a resurgence in the thermal power sector by undertaking development activities for three