Hutch and BOI in supplementary agreement with $ 115 m investment

Friday, 15 February 2019 00:04 -     - {{hitsCtrl.values.hits}}

From left: Hutch Head of Legal Sharmini Jayasuriya, Hutch Chief Financial Officer Lalith Fernando, Hutch Advisor (Finance & Operations) Bandhunath De Alwis, Hutch CEO Thirukumar Nadarasa, BOI Director General Champika Malalgoda, BOI Senior Deputy Director (Legal) Shama Herath


The Board of Investment of Sri Lanka signed a Supplementary Agreement with Hutchison Telecommunications Lanka Ltd. on 11 February.

Hutchison Telecommunications Lanka Ltd. Chief Executive Officer Thirukumar Nadarasa, and Board of Investment of Sri Lanka Chairman Hemasiri Fernando signed the Agreement. BOI Director General Champika Malalgoda was present at the signing ceremony at BOI Head Office, Colombo.  Hutchison Telecommunications Lanka Ltd. has been operating in Sri Lanka for over two decades and is a subsidiary of C K Hutchison of Hong Kong, which is a Fortune 500 Company based in Hong Kong. 

Strengthening its network position, Hutchison Lanka recently merged with Etisalat Lanka Limited and will operate under the new brand name Hutch.

Speaking of the Company’s expansion, Nadarasa stated: “By integrating the two networks, the combined business will provide Sri Lankan customers with a major boost in both rural and urban network coverage, and a renewed commitment in offering superior communication services to all customers.”

He also added, “Hutch recently launched 4G services in the Western Province and nationwide roll-out has also begun. The Hutch 4G network will unleash incredible benefits and capabilities for all customers.” 

Hutch will be the 3rd 4G operator in Sri Lanka.Under the Agreement which was signed, the initial investment will be $ 115 million.  However, Nadarasa is confident that in this investment will further expanded in the future.

The expansion of the telecommunication sector plays an important role in Sri Lanka’s development plan, as it strengthens communications by connecting individuals, enterprises and the State, thereby bringing us all closer as one Sri Lanka.

The telecommunications sector is ranked among the main target areas of Foreign Direct Investment for the BOI and also in actual inflows.