ECONOMYNEXT – Sri Lanka’s Prime Minister Ranil Wickramesinghe has set up a state enterprise as a joint venture with a Chinese company to produce electricity metres for two state run power utilities.
The factory, Ante LECO Metering Company (Pvt) Ltd, is a 70 percent subsidiary of Lanka Electricity Company (Pvt) Ltd, Sri Lanka’s second grid operator.
The joint venture partner is Ante Metering Company Ltd of China.
The firm was set up in Bandaragama, the home constituency of Deputy Power Minister Ajith Perera.
Prime Minister Wickramasinghe said after satisfying the demand for LECO, and state-run Ceylon Electricity Board the firm may also look at exports.
Wickramasinghe said by making the factory a joint venture with a Chinese company, which used technology for the US and Japan, the chances of it being successful had increased.
Sri Lanka has seen a proliferation of state enterprises over the last decade. (Colombo/Jan31/2016)