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Micro Cars to set up US$ 20mn plant in H'tota Vote_lcap16%Micro Cars to set up US$ 20mn plant in H'tota Vote_rcap 16% [ 43 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Micro Cars to set up US$ 20mn plant in H'tota

Micro Cars to set up US$ 20mn plant in H'tota

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CSE.SAS

CSE.SAS
Global Moderator

Micro Cars Limited will set up a US$ 20 million fully-fledged vehicle manufacturing/assembling facility in the Export Processing Zone in Mirijjawila, Hambantota, the Board of Investment (BOI) said yesterday (17).

This venture will cater to the increasing demand for "Micro" branded vehicles locally as well as internationally. The total project is expected to be completed by 2016 and set to be the second vehicle manufacturing/assembling facility setup in Sri Lanka by Micro Cars, with the first being located in the BOI Polgahawela EPZ.

"The new manufacturing facility at Hambantota will comprise automated production/assembly lines with an estimated total investment of US$ 20 million," said Dr. Lawrence Perera, Chairman/CEO of Micro Holdings.

The new venture will be called Micro Cars International Consortium (Private) Limited.

"In addition to the manufacturing and assembly lines, the state of the art facility will feature a research and development unit, a test and racing track and a vocational training centre offering a degree program in Automobile Engineering affiliated to a prestigious international educational institution. The facility is expected to generate over 600 direct employment opportunities for the youth in Southern Sri Lanka," the BOI said in a statement.

"Similarly many indirect employment opportunities will be generated through OEM parts / component manufactures who will be supplying locally manufactured parts and providing services to the production/ assembling processes. Moreover the use of local components will result in a substantial saving of foreign exchange for the country whilst simultaneously earning from its exports," the BOI said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=77031

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