Kerawalapitiya emerges as BOI-driven industrial powerhouse
In a major move to develop Kerawalapitiya in Wattala into a major industrial hub, the Government has stepped up the allocation of newly developed land to Board of Investment (BOI)-approved projects, thus reiterating its overall strategy of developing exports, logistics, and manufacturing autonomy.
Almost 400 acres of swamp land in Kerawalapitiya, which belonged to the Sri Lanka Land Development Corporation, have been reclaimed after a massive and expensive process of pumping sea sand into the land, a senior official of the BOI told the Sunday Times Business.
The massive land development project was undertaken to transform underutilised swamplands into productive land that could accommodate mega projects of national importance, he added.
A large chunk of this reclaimed area has already been identified for some of the most important state-led projects and other investments approved by the Board of Investment of Sri Lanka.
According to officials of the Ministry of Urban Development, the planned allocation of plots is part of an overall strategy to develop Kerawalapitiya as a new industrial and logistics hub in the Western Province.
Among the latest beneficiaries is DHT Cement (Pvt) Ltd, which sought between three and five acres to establish a manufacturing facility for fibre cement corrugated roofing sheets, flat roofing sheets, and related components targeting both domestic and export markets.
To operationalise the project under BOI regulations, a dedicated entity Powertech Products (Pvt) Ltd has been incorporated.
Powertech Products plans to invest approximately US$7 million in the venture and the venture was approved by the Cabinet.
The agreement requires a one-time payment of Rs. 272.20 million and an annual lease rental of Rs. 83,500.
In a similar move, the Government has granted another long-term lease in the same industrial zone for logistics infrastructure.
A proposal submitted by M.A.S. Consolidated (Pvt) Ltd outlined plans to develop a warehouse and supply chain complex in Kerawalapitiya. Following BOI procedures, a new project company MAS Freight Wave Terminal (Pvt) Ltd was established to execute the initiative.
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