SLBC to use Rs. 1.5 b from land sales for restructuring, VRS

Thursday, 17 October 2024 01:50 - - {{hitsCtrl.values.hits}}

The Sri Lanka Broadcasting Corporation (SLBC) will use Rs. 1.5 billion raised from land sales to other State agencies as part of a broader restructuring plan, including the launch of a voluntary retirement scheme (VRS) for employees.

The proceeds come from the sale of SLBC land in Ekala, with a portion already transferred to the Urban Development Authority (UDA) for Rs. 1,286 billion.

The Cabinet of Ministers this week had earmarked these funds to revamp the loss-making broadcaster into a profitable entity. Of the Rs. 525 million received so far, Rs. 205 million has been set aside as compensation for employees opting for the VRS.

In addition, the Cabinet of Ministers approved a plan to modernise the SLBC using Rs. 145.72 million from the remaining proceeds, which will cover 25 modernisation initiatives aimed at enhancing its operational efficiency and performance.

In addition, more land sales are expected, with another two-acre plot in Ekala set to be transferred to the Ceylon Electricity Board (CEB) for Rs. 320 million. The land will be used for a grid substation to meet the growing electricity demands of the Ekala industrial zone.