SL and Norway firm forms JV to build GRP Fiberglass products
Tuesday, 16 December 2014 01:44
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Facilitated by Ceylon Chamber
The Ceylon Chamber of Commerce recently facilitated the formation of a joint venture between a Sri Lankan firm and the Norwegian firm, which established a new entity to build GRP Fiberglass products.
Accordingly, Klaro Lanka Limited and VPI Norway signed the Joint Venture agreement at the Ceylon Chamber premises, which will see an initial investment of $ 312,500.
The new firm, which will be known as VPI Lanka Limited will establish its factory in Kalutara, while production is expected to commence in the first quarter of 2015.
The signing of the agreement took place with the presence of the CEO/Secretary General of the Ceylon Chamber of Commerce, Mangala P.B. Yapa.
The local partner, Klaro Lanka will own 60% and the Norwegian firm will own the rest in this newly formed entity, which the Chamber facilitated under its Norad Project.
Klaro Lanka is owned by Mr. and Mrs. Sumithra Fernando, owners of the Dhanush Group, which is engaged in manufacturing Fiberglass Boats, Trailer Covers and Horse Trailer Covers. The first export order of Dhanush Marine, which took place way back in the early 1990s was facilitated by the Ceylon Chamber of Commerce.
Ceylon Chamber of Commerce is consistently engaged in helping its members find new business opportunities, both here and overseas by using its vast global network.
