Hutch to invest US $ 115m | Sunday Observer

Hutch to invest US $ 115m

Hutch and BOI officials after signing the MoU.
Hutch and BOI officials after signing the MoU.

The Board of Investment of Sri Lanka (BOI) signed a Supplementary Agreement with Hutchison Telecommunications Lanka (Pvt) Ltd, (Hutch) recently.

Chief Executive Officer, Hutchison Telecommunications Lanka, Thirukumar Nadarasa and Chairman, Board of Investment of Sri Lanka Hemasiri Fernando signed the Agreement. Director General Champika Malalgoda was also present at the signing ceremony, at the BOI Head Office, Colombo. CEO Nadarasa said, “By integrating the two networks, the combined business will provide Sri Lankan customers with a major boost in both Rural and Urban network coverage and a renewed commitment in offering superior communication services to all customers.”

“Hutch recently launched 4G services in the Western Province and a nationwide roll-out has also begun. The Hutch 4G network will unleash incredible benefits and capabilities for all customers,” he said.

Hutch will be the third 4G operator in Sri Lanka. Under the agreement, the initial investment will be USD 115 million. However, Nadarasa is confident that this investment will be further expanded in the future.

The expansion of the Telecommunication Sector plays an important role in Sri Lanka’s development plan as it strengthens communications by connecting individuals, enterprises and the State.

The Telecommunications sector is ranked among the main target areas of Foreign Direct Investment for the BOI and also in actual inflows.

Hutchison Telecommunications is a subsidiary of CK Hutchison of Hong Kong. Hutchison Lanka recently merged with Etisalat Lanka (Pvt) Ltd., and will operate under the new brand name Hutch.