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The Board of investment of Sri Lanka granted investment approval to Asia Capital Limited to grow cash crops and forestry.
The venture is an initial investment of Rs. 28 million, sponsored by Oxygen Plantations Limited, UK. The project will provide employment for about 150.
The agri-forestry project would focus on growing maize as the main crop while growing seasonal crops such as sesame and soy beans.
The plantation is established on a 300 acre land in Polonnaruwa.
The company is expected to harvest rainwater and develop its own irrigation system, allowing it to grow three crops a year.
Dhammika Perera, Chairman/Director General of the BOI and Arjuna Dissanayake, Director Asia Plantation Capital signed the investment agreement recently.
