Business

Pidilite Lanka Pvt. Ltd., a JV between Pidilite and Macbertan Pvt. Ltd. strengthening its presence, unveiled a new state-of-the-art adhesive manufacturing plant in Polgahawela in North Western Province of Sri Lanka.

Pidilite Lanka has earmarked over LKR 200 million as an investment towards the plant. Spread over four acres, the plant will further strengthen Pidilite's position in the adhesive market in Sri Lanka and enhance its market share. This will be an environment-friendly plant with zero-discharge.

Pidilite, one of Asia's leading adhesive and construction chemical companies began its journey in Sri Lanka 10 years ago and today, Sri Lanka is one of Pidilite's key global contributors.

"Our strong user-connect and deep market understanding enabled us to identify market gaps and offer unique, need-based solutions. The new facility is a testament to our commitment to Sri Lankan market. The plant will initially manufacture adhesives, under the household brand Fevicol® and enhance the availability of our range across industries.  This plant will contribute significantly to import substitution and also provide employment opportunities in this region," said MD Pidilite Industries Ltd, Bharat Puri.

Pidilite's well-known brands in Sri Lanka include FEVICOL, the high-performance range of adhesives and Dr. FIXIT, an advanced range of waterproofing solution for healthy homes.

Uswatte Confectionery Works, Sri Lanka’s oldest confectionery manufacturer with a history of 63 years, opened their latest factory in their premises at Millaniya. The state-of-the-art factory will focus exclusively on the manufacturing of biscuits and signifies the entry of Uswatte into Sri Lanka’s biscuit market. The factory was be declared open by Honourable Prime Minister Ranil Wickremesinghe including other distinguished Ministers and Deputy Ministers.

In order to provide high-quality biscuits, the company has imported the best machinery available for the manufacture of biscuits and utilises both local and foreign expertise. The factory consists of the latest laminator available for the production of biscuits. 

Chairman, S. Quintus Perera - Chairman/Managing Director of Uswatte Confectionery Works stated, “From the very beginning, our priority was to give high-quality and hygienic products at a reasonable price to the consumer. Our innovative products have become iconic family treats loved by all age groups for generations. This new factory will help us to enter the biscuit market and we are confident our premium quality biscuits will soon become a hit with our consumers. We will continue to innovate and will introduce novel, exciting products for our trusted consumers to enjoy.” 

Uswatte has a well-established sales and distribution network covering all parts of the island. The entire product range is available in over 80,000 sales outlets including both general trade and modern trade. The company also exports to Canada, Australia, UK, India, Italy, France, Seychelles and the Maldives.

Source : Ada Derana Business

A Memorandum of Understanding was signed between the Board of Investment of Sri Lanka, the Export Development Board of Sri Lanka and Business France yesterday.

The BOI Chairman Dumindra Ratnayake said: “This MOU is a very positive development since it will help to increase in the future investment in areas such as manufacturing and infrastructure. It also has to be seen in connection with the FTAs that Sri Lanka has entered into with India, Pakistan and Singapore and will sign in the future with China. These FTAs give market access to goods produced in Sri Lanka.”

“Another important development is Port City with many opportunities for construction and other investment in the future.”

Ratnayake also said that the agreement will help to strengthen relations and facilitate trade and investment with France in the future.

Indira Malwatte Chairperson of the EDB stated “France is the 6th largest market for Sri Lankan exports to the European union.” She added “Sri Lanka is to launch the National Export Strategy and this will also generate greater interest in our products. Currently we are promoting Ship and Boat building, spices to be used in the manufacture of perfumes and cosmetics and of course the IT sector.” Sophie Clavelier, Head of Business France South Asia, stated “We must ensure that this MOU must live and must work together in developing certain niche areas that Sri Lanka has to offer. One area which I would like to see develop is the Agro Sector where Sri Lanka has lot of potential.”

She added that a country such as Sri Lanka should not look at competing with giants economies such as India but that “Sri Lanka should be developing niche sectors that are quality orientated. We should not look at large but at quality and high end sectors.”

Jean-Marin Schuh, Ambassador of France to Sri Lanka and the Maldives said: “The MOU will enhance the economic co-operation between Sri Lanka and France. We are currently focusing on expanding French exports as well as Sri Lankan investment in France.”

“There are certain areas where l see many possibilities. For example the French side could be interested in developing Sri Lankan ports as France has many leading shipping companies. I also see opportunities in the development of tourism.”

“This is an area where France has considerable experience and in 2020 our country will attract 120 million tourists in the course of the year. Other areas that very promising are co-operation in the financial sector and also we are currently involved in the development of mini dairies.”

Under the Agreement the parties are to exchange information and provide mutual support for the benefit of their clients and also to promote economic growth in both Sri Lanka and France. In addition the MOU seeks to encourage each party to promote the image of the other country and support FDI from its nationals to the other country.

It is also important to note that each party is responsible for its own costs of operation. The agreement will be in effect for a period of two years and would be automatically renewed unless notice is given by one of the parties.

The MOU also covers intellectual property rights and the use of trademarks and logos of their signatories. There is also mechanism for consultation between the signatories of the MOU.

The MOU augurs well for future expansion of tourism, trade and investment from France to Sri Lanka.

International Finance Corporation (IFC), a member of the World Bank Group, on Tuesday announced a $2.5-million equity investment in Sri Lankan ride-hailing app PickMe, marking its foray into the country’s venture capital space. 

The investment will help the company expand across the island and increase access to affordable, safe, and efficient transportation, it said in a statement. IFC had first disclosed its intent to invest in PickMe, operated by Digital Mobility Solutions Lanka, in April this year. 

PickMe, which launched operations in 2015, was founded by serial entrepreneur Jiffry Zulfer. The platform helps customers call anything from an autorickshaw to a luxury car using its smartphone app. It is currently operational in four districts of the country including Colombo, Kandy, Gampaha and Kalutara, and claims to cater to the travel needs of over a million users. Sri Lanka has as many as 31 people for each registered car and 20 for each autorickshaw. 

The sharing economy —especially ride-hailing — has the potential to better serve women, IFC said. “We at PickMe have a strong expansion program in place as we enter new cities and diversify our operations to reach more customers, and serve them better,” said PickMe CEO Zulfer. “We are excited to be able to draw from the best practices and global knowledge that IFC brings.” Sri Lanka’s venture ecosystem is growing, but funding options are still limited. A mere 5 per cent of the startups that get seed funding manage to raise Series A rounds. 

IFC’s entry into this space is expected to attract more capital, domestic and international, for the country’s technology startups, the statement said. “Sri Lanka possesses many of the building blocks for a thriving digital startup ecosystem, but has been held back by a lack of global expertise and funding,” said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. 

“Through this partnership, we want to help make travel safer, increase revenues for the company’s driver partners, and support the growth of Sri Lanka’s startup ecosystem.”

With the last week’s launch of A350 aircraft to Sri Lanka Qatar Airways has increased its daily capacity to Colombo by 15 percent with the launch of its A350 aircraft, an airline spokesperson said. 

The airline will provide an additional 195 seats per day to supplement the increased travel demand to and from Sri Lanka.

The ultra-modern Airbus A350-900 aircraft features a total of 339 seats, with 30 Business Class seats and 309 in Economy Class. Due to the extra-wide cabin design, passengers on board are offered unparalleled comfort in both cabins, with fully-lie flat beds in Business Class and spacious seats in Economy Class.

Qatar Airways Group Chief Executive, Akbar Al Baker, said, “We are delighted to bring the A350 to Colombo, to further accommodate the robust demand from both leisure and business travelers. Colombo is our gateway to one of the most vibrant cities in South Asia, and we are thrilled to enhance our offering and continue to demonstrate our long-term commitment to Sri Lanka.

“Qatar Airways continues to offer its passengers the best service in the sky, and is pleased to seamlessly connect even more of its customers from the capital of Sri Lanka through its hub Hamad International Airport (HIA) to the rest of the world.”

Qatar Airways flies to Colombo four times daily from its home and hub in the State of Qatar, HIA. The airline’s passengers can enjoy seamless connections to more than 150 business and leisure destinations around the world.

Dialog Axiata PLC, one of Sri Lanka’s leading connectivity providers, has announced its partnership with ALTBalaji in order to provide Viu app users with original Indian video content for the first time in Sri Lanka at subsidised rates.

Dialog is offering its ViU subscribers a one-month free access to ALTBalaji, with a Rs. 160 monthly charge after the trial period. 

Available in 90 countries with a claimed global paid subscriber base of over 2.5 million, ALTBalaji is rapidly growing towards four million subscribers.

With a growing library of original shows and a robust distribution strategy, ALTBalaji aims to reach out to the audience worldwide. This strategic partnership with Dialog through the ViU app will result in the introduction of original Indian content to over a million Sri Lankan users, diversifying its already varied portfolio of offerings

Eros International’s over the top (OTT) platform Eros Now has launched in Sri Lanka on Dialog Axiata. This association allows users to seamlessly browse through over 20,000 hours of original Indian content in over 10 languages.

Available via the Dialog ViU app, Eros Now gives subscribers access to a high-quality content library which comprises of over 11,000+ movies with multi-language subtitles, originals, music and entertainment shows in High Definition (HD).

Additionally, along with a vast library of diverse content, the app will allow users to curate movie and content playlists, receive personalized recommendations, view content offline and sync all devices for a superior viewing experience.

Users may download and subscribe to Eros Now using the Dialog ViU app, available on the Play Store, wherein which they will be charged a monthly fee of Rs. 100 +tax for subscription.

Speaking on the launch, Dialog Axiata Senior General Manager – Global and Content Services Mangala Hettiarachchi said, “Dialog has always strived to provide customers with the best video experience on the best streaming network in Sri Lanka.

Dialog ViU has allowed approximately 1 million customers to access the best of local, regional and international entertainment, and we are proud to exclusively partner with Eros Now, to give Dialog ViU users further access to an impressive content catalogue of Indian blockbusters.”

Sri Lanka mobile operator Mobitel has signed a MoU with the Sri Lanka Red Cross Society (SLRCS). 

Under the terms of the deal, Mobitel will serve as communication partner for the SLRCS. Mobitel will provide the SLRCS with a mobile donation platform (subscription based/on demand) and assist SLRCS Disaster Response Teams to serve disaster-affected areas. 

It will implement special communication programs and services in SLRCS housing and community building projects and extend latest technology assistance for SLRCS Disaster Management Operation rooms and command centers.

Sampath Bank, the third largest private sector bank in Sri Lanka, has launched a blockchain person to person gifting mobile app.

The new app, called Sampath igift, will enable all account holders at the bank to gift money, between 100 LKR ($0.63 USD) to 10,000 LKR ($63 USD) per gift, to anyone in their smartphone’s contact list. The maximum amount that can be gifted in a day by an account holder is 100,000 LKR ($630 USD). It also allows account holders to include personalized messages with text, selfies, emoticons, stickers and more, to their friends and family, with the gift.

The app is currently available on the Google Play Store and will soon be available on the Apple App Store. Recipients who have the app installed on their smartphone will get an in-app notification when they receive gifts through Sampath igift. They can retrieve the gift and deposit the money to their account at Sampath Bank or any other bank in Sri Lanka. In the event the recipient does not have the app on their device, they will receive a SMS with a link to download the app and access the gift.

MasterCard has introduced its merchant presented QR payment solution in Sri Lanka to facilitate safe and secure QR-based mobile transactions for its customers.

Using the platform, users can pay for the purchases by scanning the QR code provided by the merchant.

The service is compatible with any mobile application that supports a standardised QR code.The company said that its solution can be integrated into mobile payment solutions by financial service providers and can also be used with its existing cards.

Mastercard country manager for Sri Lanka and Maldives, RB Santosh Kumar said: “Mastercard is excited to bring Mastercard QR to Sri Lanka, one of its key focus markets in South Asia.

“Continuing to support the country’s ongoing efforts to encourage adoption of cashless payments, Mastercard seeks to simplify access to digital payments for businesses and consumers through this fast, secure, convenient and cost-effective solution.”

Kumar went on to note that the company is working with local customers and partners to integrate the solution into their existing systems.
“We look forward to seeing many more merchants and consumers availing the convenience and security of digital payments through solutions such as Mastercard QR”,  the country manager added.

Microsoft has entered into a strategic partnership with John Keells IT in an effort to accelerate digital transformation strategies across both Asia Pacific and Middle East and North Africa (MENA) regions.

The Sri Lanka-based provider and Microsoft have been partnering since 2012, with the IT consultancy the site of the vendor's first-ever Office 365 deployment in-country.

As part of this partnership, the tech giant will host SAP S/4HANA on Microsoft Azure, representing John Keells' first-ever deployment on the platform and one of the first in the Asia Pacific region to deploy SAP S/4HANA on Azure.

"SAP HANA on Azure will give John Keells IT a joint ecosystem that brings unique insights and rich product integration to help their customers make the most out of running SAP solutions and applications in the cloud — accelerating their performance, productivity, and innovation with seamless enterprise-class support,” said Hasitha Abeywardena, country manager for Microsoft Sri Lanka and Maldives.

"John Keels IT has been at the forefront of digital transformation and innovation and we are happy to have them as our partner and see them driving this transformation across Sri Lanka and beyond."

This is part of the consultancy’s efforts to realise its bi-modal IT strategy as part the push towards digital transformation.

"Building innovative and transformative solutions based on a bi-modal strategy and design thinking philosophy requires collaboration, co-innovation and co-creation,” added Ramesh Shanmuganathan, executive vice president and group CIO John Keells Group and CEO, John Keells IT.

Chevron Lubricant Lanka's long standing CEO and Managing Director, Kishu Gomes has stepped down from his post with immediate effect, the firm said yesterday (22). 

Gomes has been replaced by Rochana Kaul as the acting CEO of the company. Kaul is the General Manager of Chevron Lubricants for Indonesia, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.