Sierra Cables PLC (SCP), a subsidiary of Sierra Holdings is mulling investments in the energy and leisure sector, officials said. "We are planning a Rs. 500 million hydro power project and also some hotels," Shamendra Panditha, Managing Director SCP told the Business Times.
He said that with the dawn of peace, now is the right time for large investments and SCP is bullish on the hydro power and leisure sectors and that these projects are currently on the drawing board.
"We will announce the projects in the very near future," he added.
He said the company recently secured a large order from an Iranian firm, Sunhir Ltd. "Sunhir has selected us for the supply of cables," he added. He said with the construction sector boom, the company will benefit immensely. "SCP invested Rs. 250 million on upgrading its plant facilities during the last two years. We increased the capacity for aerial bundle conductors as well during the last two years as we rightly predicted that there will be a demand for such building wire. Now we do about 10,000 tonnes of both aluminum and copper wire per annum," he said.
Mr. Panditha said that for this financial year SCP's turnover is about Rs. 1.5 billion. He noted that with peace now a reality, the government's focus rests on reconstruction and national economic development, foremost in the North-East and Southern provinces, as well as the re-settlement of the internally displaced persons.
"Millions of dollars are being pledged as development assistance by major international donors including the World Bank, the ADB, China, India and more recently Japan, to support infrastructure development activities, restore essential services and the livelihood of people in war affected areas.
These programmes offer tremendous scope for public-private partnerships," he said, adding that the government's Eastern Province and Northern Province specific programs are aimed at revival of abandoned industries and development of new industries and comprise a resettlement component and an infrastructure development component.
He said that SCP believes that given the large infrastructure gap between war affected regions and the rest of the country, the private sector could play a crucial role in overall economic revival. Mr. Panditha said that SCP finalized the amalgamation process with its fully owned subsidiary, Alucop Cables Limited. "This was done as we felt that Sierra was a better accepted brand," he added. |
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