Sri Lanka, Norway joint venture to make fibreglass products
(EconomyNext) – Klaro Lanka Private Limited and VPI Norway have formed a joint venture to make fibreglass products in the island.
The new firm, known as VPI Lanka Private Limited, will establish its factory in Kalutara with an initial investment of 312,500 US dollars. Production is expected to start in the first quarter of 2015.
The local partner, Klaro Lanka, will own 60 percent and the Norwegian firm the rest in the newly formed entity, which the Ceylon Chamber facilitated under its Norad Project, a statement said.
Klaro Lanka is owned by Sumithra Fernando, owner of the Dhanush Group, which makes fibreglass boats, trailer covers and horse trailer covers.
Ceylon Chamber of Commerce said it helps members find new business opportunities, both here and overseas, by using its global network.