Laugfs Group lights up two mega ventures

Wednesday, 12 August 2015 01:02 - - {{hitsCtrl.values.hits}}

Signs deal for LPG storage terminal in Hambantota port; buys two solar power firms with 20 MW capacity in Hambantota

Laugfs Gas Plc (LGL) yesterday announced two major initiatives which will strengthen Group’s future prospects.

In separate filings to the CSE, Laugfs Gas (LGL) said it has entered into a business venture agreement and lease agreement with the Sri Lanka Ports Authority to lease a land located within the Hambantota port to setup a Liquefied Petroleum Gas (LPG) storage terminal project in Hambantota port.

The land leased is 4 hectares and located within Magam Ruhunupura Mahinda Rajapaksa Port.

Laugfs Power Ltd, a wholly owned subsidiary of LGL has decided to acquire 100% shares of Anorchi Lanka Ltd and Iris Eco Power Lanka Ltd.

The two firms are engaged in setting up two 10MW solar power generation projects in Hambantota.