Shree Renuka Sugars Ltd has signed an agreement with Sri Lanka’s state investment arm, Board of Investment, for setting up a $220-million sugar refinery complex at Hambantota in the South.
The proposed project plans to bring inedible raw sugar from Brazil in bulk and add value locally by refining it in the complex, the board said in a statement.
The refined sugar would be sold locally as well as exported from Hambantota Port. The sugar refinery would have a world-scale capacity and contribute to over 1 million tonnes of cargo movement for the Hambantota Port.
The project would result in foreign exchange savings of nearly $450 million for the country, the board said.
It will also create some 300 direct employment opportunities for locals and indirect employment for nearly 1,500 people, it added.
Shree Renuka Sugars Chairperson Vidya Murkumbi, who was present at the occasion, said the company looked forward to starting the work on the project within few months.
In India, the company has its refinery in the East and West coast and Hambantota is strategically well located to get logistics leverage for its operations, the statement added.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.