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Watawala Plantations to export bananas
Watawala
Plantations has expanded its agribusiness activities with banana
cultivation for exports.
The agreement to this effect was signed by the Company with the
Board of Investment. Mr. Dhammika Perera, Chairman/ Director General,
signed the Agreement on behalf of the BOI. Dr. Sarath Amunugama,
Minister of Enterprise Development and Investment Promotion formally
presented the investor.
Watawala Agro Limited, a project under Nipayum Sri Lanka 300 Enterprises
Programme signed an agreement for the establishment of a Banana
Plantation and other food crop plantation for the export market.
The project is already in progress and will initially focus on banana
cultivation.
The venture expects to diversify into other fruit cultivations in
the future.
The 1st Phase of cultivation will be done in a 50 hectare area which
will be expanded into another 50 hectares in the 2nd Phase of the
project.
The Bananas will be exported mainly to the Middle East market as
packed fresh Bananas.
The project will be sponsored by Watawala Plantations PLC and Fibredust
LLC, USA. The plantation will be located at Nakiyedeniya Estate,
Udugama, Galle. The Rs. 35 million investment is expected to create
employment for a work force of 150.
Mr. Vish Govindasamy, CEO of Watawala Plantations Limited signed
the agreement on behalf of the company.
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