Sri Lanka based Tokyo Cement has established a fully owned subsidiary to manufacture cement, tile cement products, cement value added products and also to build, operate and manage a Biomass Power Generation Plant.
The new company, which is named as, Eastern Cement Company Limited will be ready for operations within a period of 36 months and would cost the firm, approximately Rs. 8 billion.
According to a stock market disclosure, the Eastern Cement Company is a BOI approved venture and will be entitled to fiscal and tax incentives for a period of five years.
After the end of the tax period, a concessionary rate of 12% income tax will apply.
Tokyo Cement says, the power generated out of the proposed Biomass Power plant will be used for internal needs and also to supply to the national grid.
The firm will also engage in Cement dealer business.