I.M.S. Holdings, Gazelle Ventures in $152mn Sri Lanka sugar cane project
ECONOMYNEXT – Singapore’s Gazelle Ventures [Pvt] Limited is to partner with I.M.S. Holdings in a $152 million sugarcane project in Sri Lanka, a government spokesman said.
Media Minister Gayantha Karunatilleke told a news conference that the cabinet of ministers had approved the joint venture under Bibile Sugar Industries Limited to produce 80,000 MT of sugar annually, around 14 percent of Sri Lanka’s sugar requirement.
Gazelle Ventures will hold 88 percent of Bibile Sugar Industries, with 10 percent going to I.M.S. Holdings, 1 percent to the farmer community that enters into a cultivation agreement with the firm, and 1 percent to the Mahaweli Authority of Sri Lanka (MASL) who will provide state land.
MASL will give land to farmers living in Rambaken Oya Special Economic Region for the project which is expected to provide 1000 direct jobs and about 75000 indirect employment opportunities.
Bibile Sugar Industries will produce animal food and organic fertilizer as by-products.
It will also generate 10MW of power using bagasse and 10 MW using’Gliricidia to be supplied farmers in the area to meet its own power requirements and to supply the surplus to the national grid.
(COLOMBO, Feb 16, 2017)