The Dialog Axiata Group in a landmark investment inked two supplementary agreements with the Board of Investment for the investment of an additional sum of USD 254.1 million (Rs. 46.1bn) in Sri Lanka’s ICT infrastructure last week.
The investment comprises USD 190.7 million by Dialog Axiata PLC and USD 63.4 million by its subsidiary Dialog Broadband Networks (Pvt) Limited. These agreements span a broad scope of ICT infrastructure development by the Dialog Axiata Group encompassing the expansion of mobile and fixed 4G-LTE networks, the evolution of IP and fibre networks, and the further development of the Group’s Wi-Fi and broadband networks.
The investment is set to yield significant economic benefits to the economy through the deployment of 5G connectivity, which will position Sri Lanka as a pioneer in 5G technology. This will be alongside the submarine cable and landing station development which will offer more reliable and cost-effective internet connectivity.
The agreement between Dialog Axiata and the Board of Investment of Sri Lanka was signed by Chairman, Dialog Axiata, Datuk Azzat Kamaludin, Director/Group Chief Executive, Dialog Axiata, Supun Weerasinghe and Chairman, BOI, Susantha Ratnayake while the agreement between Dialog Broadband Networks (Pvt) Limited and the BOI was signed by Director, Dialog Broadband Networks (Pvt) Limited, Supun Weerasinghe, Group Company Secretary, Dialog Axiata, Viranthi Attygalle, and BOI Chairman Susantha Ratnayake.
Dialog Axiata Group is a subsidiary group of companies of Axiata Group Berhad, Asia’s second largest telco with operations spanning across eight countries including Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Singapore and India and Axiata has been a committed and long-term investor in Sri Lanka since 1994.
As the largest FDI in Sri Lanka, Dialog Axiata Group has contributed USD 2.7 billion (Rs. 320 billion) to Sri Lanka since 1994, with its investment being 11% of the total FDI of the country. It has been recognised by BOI as the first company to invest USD 1 bn in the country.
“We value our partnership with the Board of Investments and are honoured to enter into this agreement today. Having been here since 1994 as the largest FDI, this fresh investment signals Axiata’s long-term commitment to the country and the people.
Axiata together with Dialog are excited to deliver better connectivity and new technologies in Sri Lanka,” said Managing Director/President and Group Chief Executive Officer, Axiata Group Berhad, Tan Sri Jamaludin Ibrahim.