Home / Front Page/ CIC invests Rs. 2 b in agribiz to boost Sri Lanka’s economy

CIC invests Rs. 2 b in agribiz to boost Sri Lanka’s economy


Comments / {{hitsCtrl.values.hits}} Views / Monday, 11 September 2017 01:48


  • Group is rationalising some of its legacy operations

The protected agriculture site

Sri Lanka’s longstanding leader in agriculture, the CIC Group, has elevated the country’s agriculture sector via futuristic investments amounting to over Rs. 2 billion, which are now infusing state-of-the-art technology into the industry, thereby making an enduring impact on the livelihoods of farmers.



Cropwiz, one of the country’s largest agriculture projects to be resilient to seasonal weather patterns, is one such futuristic investment, which indicates the potential for protected agriculture at a time in which changing weather patterns are wreaking havoc on the country’s agriculture and food production. The project, with an investment of approximately Rs. 1 billion, is an international joint venture and employs cutting-edge greenhouse technology which enables ‘climate smart’ year-round production, mitigating the impact of climate change. 



The project employs automated climate control and fertigation systems as well as hydroponics. The greenhouses are envisaged to be largely self-sufficient and sustainable in terms of water requirement – through the use of rainwater harvesting water reservoir and state-of-the-art techniques resulting in near-zero water wastage. The project has also generated substantial employment opportunities for residents of the area.



The Golden Harvest Project, another futuristic initiative with an investment of approximately Rs. 1 billion, which envisages substantially increasing the productivity of corn farming in Sri Lanka, is already making its impact felt in the local industry. 



As part of the project, two plants with a total dryer and storage capacity of 32,000 MT were constructed by CIC and these are already in operation. In addition, farming communities are provided training and expertise as part of the project, which has thereby enriched the lives of more than 13,400 farmers in the Moneragala and Anuradhapura areas. The project also ensures safer inputs in the production of poultry feeds via the application of proper drying techniques. 



The only seed to shelf agriculture company in Sri Lanka that manages  its own farm land, works directly with over 40,000 rural outgrower farmers and produces a variety of agriculture and livestock products such as seed paddy, rice, fruits, vegetables, eggs, yoghurt, curd, etc. under its own brand name for the local and export market, CIC agribusinesses works with a strong commitment towards enhancing farmer incomes, improving the rural economy and contributing towards the development of agriculture in Sri Lanka.

The corn project sites in Monaragala and Anuradhapura

 

“While we are charging ahead with these cutting-edge futuristic agri investments, we are also rationalising our existing legacy businesses. These new investments needs a new mindset and acquiring new competencies, which is now being addressed via our 2020 Re-strategising project with MTI Consulting,” said CIC Group Managing Director Samantha Ranatunga.

 

 


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

A brief guide to the legal system of China

Thursday, 21 June 2018

The law of the People’s Republic of China (PRC) is officially referred to as the “socialist legal system with Chinese characteristics”. The formation and development of the socialist legal system with Chinese characteristics are compatible with


The evolution of CSR towards Creating Integrated Value

Thursday, 21 June 2018

Creating Integrated Value (CIV), a term that I coined in 2014, is a concept and practice that has emerged from a long tradition of exploring the role of business in society. It has roots in what many today call corporate (social) responsibility or CS


Let’s educate ourselves for change!

Thursday, 21 June 2018

Ordinary Level Examinations are over. Results are in. What should I be doing at Advanced Level? Science, Commerce or Arts? And what subject combinations? This always is a burning question for some and also for parents. This question is usually answe


Dudley Senanayake, the principled leader who was never power hungry

Thursday, 21 June 2018

Though I have seen Dudley Senanayake speaking in meetings, my first face-to-face meeting with him took place in 1970. Given that it was immediately after United National Party’s crushing defeat at the general election, he was in a very sombre mood.


Columnists More