CEO Abans Electricals, Jagath Jayasundara told the Daily News Business that the total local value addition in both ventures would be over 75% and has export potential as well.
“We have already acquired a five-acre land in Milleniya Kalutara for these two ventures and have commenced construction,” Jayasundara said.
The machinery for the first phase is already in the process of being imported at a cost of over Rs. 950 million. “We hope to release the first ‘Made in Sri Lanka’ refrigerator to the local market by April next year and we would then focus on the manufacture of air conditioners and expect the first product to be available in 2023.”
He said that these two products are also marked to be exported to the Gulf, Africa and the South Indian market. “Due to C-19, the freight rates have seen a huge increase and these have added on to the prices of electric products. Sri Lanka is strategically located and has a better price advantage to ship ‘Made in Sri Lanka’ Air conditioners and refrigerators to these markets at a lower price.”
Abans, which began over 50 years ago, has grown to operate in the retail, real estate development, environmental management and logistics sectors and are the local agents for reputed global brands and the Group employs more than 10,000 staff in multiple operations across Sri Lanka. Jayasundara also said that they will also be looking at tying up with some of these other global brands to explore the possibility of making other electronic products in Sri Lanka.
Minister of Industries Wimal Weerawansa also visited the proposed factory premises and congratulated the Abans management for embarking on a historic venture of this nature.