North Sea receives Rs. 82 m for factory modernisation

Tuesday, 19 March 2013 00:02 - - {{hitsCtrl.values.hits}}

Consequent to a discussion the Minister of Traditional Industries and Small Enterprise Development Douglas Devananda had with the Secretary to the Ministry of Finance Dr. P.B. Jayasundera, a whopping sum amounting to Rs. 82 million has been allocated by the Treasury to modernise the factories producing fishing nets at Marawila and Lunuwila, belonging to North Sea Ltd.

The Treasury stated that out of the total sum allocated for the project, Rs. 59 million will be released immediately under the first stage and the balance will be made available when required during the period of the project.

This was divulged at the Board of Directors meeting held at the Ministry Auditorium on 12 March 2013, chaired by Minister Devananda. Speaking at the meeting, Devananda said that Dr. Jayasundera was quite pleased with the project proposals submitted by North Sea and that it was that which led the Finance Ministry Secretary to arrive at this decision.

The Minister reiterated the necessity of spending the money allocated for resorting the machines and purchase of raw materials with a view to enhance production, utilising manpower and skill available to take forward the institution to a profit generating entity. And in this process, the cooperation of every employee is of extreme importance, the Minister added.

Ministry Secretary Sivagnanasothy speaking at the occasion said that the Finance Ministry officials including the secretary were pleased with the new projects that have commenced and with those in progress under the guidance and supervision of Devananda. He said that it was the sole reason which led the Treasury to allocate such a large sum. Sivagnanasothy also said that it was necessary to utilise the funds meaningfully for the very purpose for which it was meant without any waste whatsoever.

Amongst the guests present were the Advisor to the Minister V. Jegarasasingham, former Member of Parliament S. Thavarajah and North Sea Limited Chairman Paranthaman.