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Hutch and BOI in supplementary agreement with USD 115 million in investment

From Left: Ms. Sharmini Jayasuriya Head of Legal Hutch, Mr. Lalith Fernando Chief Financial Officer Hutch, Mr. Bandhunath De Alwis Advisor Finance & Operations Hutch, Mr. Thirukumar Nadarasa CEO Hutch, Mrs. Champika Malalgoda Director General of BOI, Mrs. Shama Herath Senior Deputy Director Legal (BOI).

The Board of Investment of Sri Lanka signed a Supplementary Agreement with Hutchison Telecommunications Lanka (Pvt) Ltd on 11th February 2019.

Mr. Thirukumar Nadarasa, Chief Executive Officer, Hutchison Telecommunications Lanka (Pvt) Ltd and Mr. Hemasiri Fernando, Chairman, Board of Investment of Sri Lanka signed the Agreement. Mrs. Champika Malalgoda, Director General was present at the signing ceremony at BOI Head Office, Colombo.

Hutchison Telecommunications Lanka (Pvt) Ltd., has been operating in Sri Lanka for over two decades and is a subsidiary of C K Hutchison of Hong Kong, which is a Fortune 500 Company based in Hong Kong.
Strengthening its network position, Hutchison Lanka recently merged with Etisalat Lanka (Private) Limited and will operate under the new brand name Hutch.

Speaking of the Company’s expansion, Mr. Nadarasa stated “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.”
He also added, “Hutch recently launched 4G services in the Western Province and nationwide roll-out has also begun. The Hutch 4G network will unleash incredible benefits and capabilities for all customers”

Hutch will be the 3rd 4G operator in Sri Lanka. Under the Agreement which was signed, the initial invest will be USD 115 million. However, Mr. Nadarasa is confident that in this investment will 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 thereby bringing us all closer as one Sri Lanka.

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

Dilip S Samarasinghe
Director (Media & Publicity)

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