Apr 08, 2011 (LBO) - Nestle Lanka, a unit of Swiss-based Nestle said it had commissioned malted drinks plant which had cost 560 million rupees at its manufacturing complex in Kurunegala in central Sri Lanka.
"Nestlé sees a lot of opportunity in Sri Lanka and believes in its potential," Pierre Schaufelberger, a senior Nestlé group official said in a statement.
"Accordingly, we have stepped up our investment in the country. With our long term investment plans for Sri Lanka, we are taking a far-sighted view of business development to stimulate significant local development here."
In 2010 the firm had invested 1.1 billion rupees in dairy development and expansion of the Kurunegala factory complex.
In 2011 the Nestle will double investment to 2.0 billion, which will be part of a 10 billion rupee planned investment in the next few years, he said.
About a third of the money will go into dairy development and dairy based products.
Dairying is a tariff protected industry in Sri Lanka. There are also price controls on the sale of milk powder.
source - www.lbo.lk
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