Walkers Engineering Ltd, the infrastructure development unit of MTD Walkers PLC (MTD), has purchased a controlling stake in a steel firm, its chief official said. "We bought 80% in W.A.D. Lanka which is a stainless steel fabricator last year from a British investor while be retains the balance 20%," Jehan Amaratunga, CEO MTD told the Business Times.
He said that the company has plans to venture into infrastructure projects abroad as well.
MTD has investments and firms ranging from power, road construction, mechanical engineering, air-conditioning and refrigeration, plantation and machinery together with heavy foundation.
Mr. Amaratunga said the company is keen to consolidate its investments and bring in an 'easily identifiable' name. He added that the company is now consolidating all its investments and a clear brand will supplement this exercise. He added that MTD's branding exercise is on target. "We will complete this within this financial year in a bid to better position the company," he added.
"We're planning a branding exercise and whatever that comes out of it will be accordingly implemented," he said.
He said the company is looking to expand in the energy sector and as an initial step has expanded its 30 Mega Watt Jaffna power plant. "We're studying the next set of projects which will be in hydro and wind power. We're also interested in solar power on a fairly small scale," Mr. Amaratunga added.
He also noted that MTD brought into Kapila Heavy Equipments PLC a few years ago primarily as an investment vehicle. "Since it was a listed entity, this company enticed us," he added. He also said that MTD will not rule out any good acquisition in the construction industry.
MTD also says that it will bring together better synergies with their latest acquisition, Colombo Engineering. "This was one of the few fields that we weren't in. We see a large potential in this sector," he said, noting that MTD will put in large investments into this company.
source - www.sundaytimes.lk
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