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Monday, 2 April 2012 00:27 - - {{hitsCtrl.values.hits}}
GlaxoSmithKline, one of the top three global research based pharmaceutical companies operating in over 117 countries, is to invest a further $ 11.2 million (over Rs. 1.4 billion) in expanding its operations in Sri Lanka.
The company will also shortly commission a new facility in Moratuwa for manufacturing their global brand Panadol. The investment on the facility amounts to Rs. 217 million and would probably be one of the largest investments in the Sri Lankan pharmaceutical industry.
“The foreign investment of $ 11.2 million and the new Panadol manufacturing facility reinforce GSKs commitment towards strengthening the company’s standing footprint and heritage in Sri Lanka,” a spokesman for the global giant told the Daily FT.
The move by GSK is also expected further boost Sri Lanka’s investment profile following the end of the war three years ago. GSK has in the last five years invested over Rs. 500 million to improve its facilities in Sri Lanka.
Expatriate CEO of GlaxoSmithKline Sri Lanka T.S. Dayananda and Director Dinesh Weerakkody met with Minister of Economic Development Basil Rajapaksa last week to inform him of GSK’s expansion plans for Sri Lanka and to invite him to commission the new Panadol manufacturing facility in Ratmalana.
