Doing Business in Sri Lanka - High Commission of India, Colombo

Doing Business in Sri Lanka
Main Indian investments are:
1) Lanka IOC PLC
Lanka IOC PLC is a public liability company listed
in the Colombo Stock Exchange with a turnover
of SLRs 51.74 billion with a net profit after tax of
SL Rs 876 million. LIOC holds one-third share
in Ceylon Petroleum Storage Terminals Ltd, the
Common User Facility in Sri Lanka for storage and
distribution of petroleum products. LIOC is making
phased investments to provide world-class quality
petroleum products and services. Lanka IOC has
invested approx USD 95 million.
2) Bharti Airtel Lanka
Bharti Airtel Lanka is a subsidiary of Bharti Airtel
and commenced commercial operation of services
on January 12, 2009 and now has an aggregate
of over 1 million customers, and is Sri Lanka’s
fastest growing wireless operator. It was granted a
license in 2007, in accordance with the Sri Lanka
Telecommunications Act No. 25 of 1991. Under
the license, the company provides digital mobile
services to Sri Lanka inclusive of voice telephony;
voice mail, data services and GSM based services.
The approx investment by Airtel is about US $ 200
million.
3) Piramal Glass Ceylon
Piramal Glass Ceylon (PGC) is a venture of Piramal
Enterprise Ltd of Mumbai India, in Glass Container
for Packaging. It has stemmed out of Ceylon Glass
Company, which was acquired by Gujarat Glass
Pvt Ltd (part of Piramal Enterprises Limited) in the
year 1999-2000. It was renamed as PGC in 2008.
Gujarat Glass Pvt Ltd (GGPL) currently holds 54%
of the equity of Piramal Glass Ceylon Plc. The
approx investment by Piramal Glass Ceylon is US
$ 55 million.
4) Taj Hotels
The presence of Taj Hotels, Resorts and Palaces
in Sri Lanka spans over a quarter of a century
and is represented today by three properties- Taj
Samudra, Colombo located in Colombo, Vivanta by
Taj, Bentota - beach resort on the south west coast
and The Gateway Hotel - Airport Garden, Colombo.
5) UltraTech Cement
UltraTech’s bulk cement terminal in Sri Lanka is
located at Colombo. Existing plant capacity is 0.6
MTPA with initial investment of 11 million USD and
is set to increase to 1.2 MTPA by end of 2011 after
completion of ongoing expansion project worth 2.3
million USD. The current turnover of UltraTech-Sri
Lanka is 59 million USD and is expected to reach
110 million USD by 2013/14.
6) J.V.Gokal Ceylon Private Limited
It was established in June 2003 for export of value
added Teas from Sri Lanka. The investment to
date is USD 5.5 Million. J.V.Gokal Ceylon is a part
of the Indian Mumbai headquartered J.V.Gokal &
Company. The company exports Black, Green and
Flavoured Tea Bags under brand SUPER TEA and
other private labels to around 31 countries around
the world from Sri Lanka.
7) Tata Communications Lanka Limited
Tata Communications Lanka Limited was
incorporated in June 2003 and obtained an External
Gateway Operator License (EGO). The company
commenced operations in February 2004. The
company has created a niche for itself for catering
to the global telecommunication needs of customers
in Sri Lanka. It launched its second gateway in April
2011.
8) Banks from India
State Bank of India, Indian Bank, Indian Overseas
Bank and ICICI Bank are operating in Colombo,
Sri Lanka. State Bank’s Sri Lankan operations
started way back in 1864 and it is one of the oldest
banks in the Country. State Bank of India has a
branch in Kandy and it is likely to open a branch
in Jaffna. Indian Bank opened a branch in Jaffna
in January 2011. ICICI Bank Limited commenced
banking operations in Sri Lanka through a branch
office on January 16, 2006. Axis Bank, India‘s third
largest private sector bank, launched its Sri Lankan
operations with the inauguration of the Colombo
branch on 21st October, 2011. Axis Bank is the fifth
Indian bank to enter Sri Lanka.
9) Asian Paints (Lanka) Limited
Asian Paints (Lanka) Limited is the second largest
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