ECONOMYNEXT – Pidilite Industries Limited, an Indian adhesive and construction chemical company, has commissioned an adhesive manufacturing plant in Sri Lanka in a joint venture.
The new plant is on four acres of land in Polgahawela in Sri Lanka’s North Western Province, said Bharat Puri, Managing Director of Pidilite Industries.
“This investment is a testament to our commitment to Sri Lanka market,” he said.
“This zero-discharge plant will initially manufacture adhesives, under the household brand Fevicol and enhance availability of our range across industries.”.
An Indian High Commission statement said the plant is operated by a joint venture established in 2015 between Pidilite Industries Limited, and Macbertan Holdings, an alliance among Macbertan Pvt Ltd, McLarens Holdings Limited and Alliance Finance Company Ltd.
“This plant will contribute significantly to import substitution and also provide employment opportunities in this region,” said Ramani Ponnambalam, Director of Pidilite Lanka.
In 2015, Pidilite Lanka acquired Chemifix, Sri Lanka’s white adhesive brand in wood working, stationery and industrial segments.
Taranjit Singh Sandhu, High Commissioner of India to Sri Lanka, said Indian companies are contributing to the Sri Lankan economy, by creating jobs, bringing in investments, as well as technology, innovation, skill sets and best practices.
He said that such a venture would further integrate Sri Lanka with the global supply and value chains.
(COLOMBO, July 11, 2018)