BOI approves project for manufacturing stainless steel sinks

Colombo: The Board of Investment approved a venture to establish a project to manufacture stainless steel sinks for the local market.

Prince Royal Lanka Limited is a joint venture between Valli Steel Industries of India and St. Anthony’s Hardware (Pvt) Limited. The Rs 90 million investment is carried out under Nipayum Sri Lanka 300 Enterprises Programme.

Chairman / Director General Dhammika Perera, signed the agreement on behalf of the BOI. St. Anthony’s Hardware Limited currently imports 15,000 stainless steel sinks per month from Valli Steel Industries, India and holds around 65 percent of the market share. The joint venture will establish a stainless steel sink manufacturing plant at the Industrial Estate Pallekele, Kundasale.

The plant is expected to commence production in February 2009 and operate at a production capacity of 20,000 sinks per month. Prince Royal Lanka Limited will provide employment opportunities for a work force of 100. Director Nepalraj Thilak, signed the agreement on behalf of the company.