Under a special invitation extended by the Sri Lankan government, Indian automaker Mahindra and Mahindra has decided to set up a multi-million dollar IT park in the country that will generate 10,000 jobs in the sector.
The IT park is to be set up in Katunayake (near Colombo) in the next six months under a special invitation extended by Enterprise Development and Investment Promotion Ministry, a senior minister said.
Investments and other formalities of the project, that is to be developed under a joint venture with the Board of Investment of Sri Lanka, will be finalised by the end of this month, the Investment Promotion Minister Navin Dissanayake told media persons on Friday.
This project is expected to provide employment to 10,000 IT professionals, Dissanayake said, adding Mahindra and Mahindra group is also discussing the possibility of exclusively developing the Trincomalee Trade Zone for which 1,635 acres have been earmarked.
M&M is, however, seeking 3,000 acres in the Eastern region for which the government is planning to take up the proposal again for cabinet approval.
"We are making arrangements to provide land for their project. Total investment of this project will be nearly $200 million over a five year period," Dissanayake said.
Infrastructure development for the Trincomalee project will have to be undertaken by the company itself as the government does not have the economic capacity to handle it, the minister said, adding that the final agreement is expected to be signed by early next year.
Mahindra and Mahindra, which has made forays in the automobile sector, is one of the largest companies in India with an annual turnover of $4 billion. Two teams from the company have also held meetings with the Board of Investment officials.
