Four sugar factories to be developed

Saturday, 2 August 2014 00:00 - - {{hitsCtrl.values.hits}}

The Ministry of Sugar Industry Development has taken steps to develop Kantale, Hingurana, Sevanagala and Pelwatta sugar plants with the view to increasing local production up to 40% of the annual sugar requirement of the country by 2020. Accordingly, 27,567 hectares of land belonging to Kantale, Hingurana, Sevanagala and Pelwatta sugar plants will be leased out for a period of 99 years to Lanka Sugar Co. Ltd., which is a 100% Government-owned company, to increase its equity capital, enabling it to obtain the required financial facilities for the development of the four sugar plants. Kantale Sugar Industry will be developed and modernised with the assistance of the Czech Republic and blocks of land will be allocated to farmers for sugarcane cultivation by entering into forward contracts with the farmers for the purchase of sugarcane. Priority will be given to the farmers who are already engaged in sugarcane cultivation and farmers who are residents of the districts where the relevant lands are situated.

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