Sri Lanka's Ministry of Defence is reportedly planning to acquire Lanka Cement PLC’s property at Kankasanthurai. In a disclosure to the Colombo Stock Exchange, Lanka Cement’s Chairman and Managing Director N.S.M. Samsudeen said that the property includes 104 acres of land and existing buildings.
If the acquisition goes ahead, Lanka Cement, a subsidiary of state-owned Sri Lanka Cement Corporation, has requested compensation from the Ministry of Defence for the land and buildings. Furthermore, all staff would be retired under the government sponsored voluntary retirement scheme.
Singha Cement’s state-of-the-art cement terminal is due for completion next year and Tokyo Cement undertakes a new environmental project to protect the Sri Lankan marine life.
The ‘One Cement Factory in One Harbour’ concept proposed by the Minister of Ports and Highways is being pursued, with four grinding and packing plants planned at the country’s main ports.
As reported last week, Sri Lanka is currently experiencing a huge cement shortage, currently estimated at 1 million bags per month. Now, local companies are planning to increase ready-mix facilities and expand cement production capacity.