United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Stay Connected
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

Cargills shows the way with biggest private sector investment of Rs. 500 m in Jaffna

Sep 14, 2011 3:24:43 PM - www.ft.lk

Cargills (Ceylon) PLC said yesterday it will invest Rs 500 million in the development of a new shopping and entertainment complex in the heart of Jaffna town.
The ground-breaking ceremony is to be held today at 9 a.m., at the project site, No. 420, Hospital Road, Jaffna under the patronage of Jaffna Mayor Yogeswari Patkunarajah and senior company officials. The contract to build the complex has been awarded to Nawaloka Constructions.

Cargills (Ceylon) Plc Managing Director M. Imtiaz Wahid said the new complex, set to be completed by mid-2013, would undoubtedly transform the Jaffna landscape and herald a new era of peace and prosperity for its people.
“With this investment of Rs. 500 mn Cargills becomes one of the largest private sector investors in Sri Lanka’s Northern Province. Over the last 12 months we have invested over Rs. 200 million in the Northern region with the opening of Cargills Food City outlets in Manipay, Kannathidi Road-Jaffna, Vavuniya and Kilinochchi,” he said.
“We have also set up a collection centre in Jaffna to collect agriculture produce from farmers in the region and have so far brought over 1000 farmers into the network. Cargills also directly purchases fresh fish from fishermen in Point Pedro. All this comes as part of our accelerated expansion drive through which Cargills aims to partner the development of regional Sri Lanka,” Wahid added.
The new commercial complex of four floors with a total floor area of 74,000 sqft would comprise retail/shopping space, a bank, a food court, a Cineplex with three cinema screens and a basement car park. The project ceremonially commencing today is a 16 month project.