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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » What about LCEM?

What about LCEM?

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1What about LCEM? Empty What about LCEM? Wed Jan 15, 2014 1:34 pm

realstock


Senior Equity Analytic
Senior Equity Analytic
Rs 1.5b proposal to revamp KKS Cement Plant
Sara Pathirana
The Kankesanthurai cement plant
The Sri Lanka Cement Corporation (SLCC) has planned to initiate the revamping of the Kankesan Cement Plant in Kankesanthurai with an overall investment of Rs. 1500 million.

SLCC has presented a proposal report to the Ministry of State Resources and Enterprise Development with regard to adding the mechanism and restructuring of the whole plant. SLCC plans to recover this investment within 15 years after commencing operations, with a net profit contribution of 8%.

This plant is the only plant in South Asia which commenced operations initially in the 1950s, where its expansion began.

The factory is owned by the Sri Lanka Cement Corporation at KKS, which had an annual manufacturing capacity of 760,000 tonnes, have not been functioning since June 1990 due to the security situation in the north.

It is estimated that the market is growing at the rate of 10% per annum. Sri Lanka imports more than 70% of cement requirements, both in bulk and bags, from Pakistan and India. Based on the Customs details, Sri Lanka had imported around 11 million metric tons of cement from January 2008 to May 2013.

The country has invested more than Rs. 108 billion for this import of cement. "After the total commencement of the plant operation at KKS, we will be able to produce about 10% of the cement requirement for Sri Lanka initially.

We will be able to save up a minimum of US$13 million in foreign exchange per annum," Dimuthu Nanayakkara, Sales and Marketing Officer, SLCC said. "The period during the war, had greatly affected economy of KKS.

There were an initial staff number of 60 workers, whilst war compensation was given out to slash the numbers eventually.

The plant was and will remain the main hub for the KKS village and for their livelihood, which depended greatly on the KKS factory," Chaminda Perera, Working Director, SLCC said.

Considering the demand of cement in the Sri Lankan market and the availability of ample resources in the Northern Province, SLCC had wanted to work on reopening one of its cement factories in Kankesanthurai. This cement plant will become a stronghold of positivity to the people in the North.

Sri Lanka is abundant in limestone and the ampleness of it also highlights the quality of the substance as well.

"This will become a great initiative by the government, as this venture would pave way for jobs, which would be not just of a labour level.

There will be systematic approaches taken up, creating direct employment for more than 300 people and establish the cement industry back in the Northern Province," Nanayakkara acknowledged.

- See more at: http://www.dailynews.lk/business/rs-15b-proposal-revamp-kks-cement-plant#sthash.zDQN7g9n.dpuf

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