ECONOMYNEXT – Sri Lanka’s Sierra Cables Plc said it will set up a joint venture power cable factory in Fiji, with three other partners, where the firm will own a 30 percent stake.
The investment will be 4.0 million Fijian dollars (285 million rupees), the firm said in a stock exchange filing.
Vinod Patel and Company Ltd, a 50-year old company which deals in hardware, retail and export is one of the joint venture partners.
RC Manubhai & Company Ltd, the second partner is a hardware company with outlets in Ba, Suva, Tavua, Rakiraki, Valelevu, Labasa and Lutoka.
Progress Investments (Fiji) Ltd, an investment company set up in 2015 will be the other partner.