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Lanka Sakusala to be revived by selling mill heirlooms
06 Apr '09
1 min read
Lanka SaluSala, a state owned textile mill which is now under the preview of the SEMA, an agency responsible for improving the management of government businesses and making them more profitable will be closed down and re-started as a new entity.
This was announced by the Textile Minister, Mahinda Rathnathilaka who said that, since there are many legal issues coming in the way of liquidation, it would be more appropriate to register it a fully state owned entity and revive it.
The mill which is working partly since a long time is ridden with debts amounting to Rs 600 million, but at the same time is holding prime properties in Colombo which will be disposed off to once again re-start the mill as a new entity.
Last week, President of Sri Lanka, Mr Mahinda Rajapaksa had directed relevant officials to take immediate measures to effect the payment of all arrears of salaries to the SaluSala staff before the Sinhala and Tamil New Year on April 14.
This was announced by the Textile Minister, Mahinda Rathnathilaka who said that, since there are many legal issues coming in the way of liquidation, it would be more appropriate to register it a fully state owned entity and revive it.
The mill which is working partly since a long time is ridden with debts amounting to Rs 600 million, but at the same time is holding prime properties in Colombo which will be disposed off to once again re-start the mill as a new entity.
Last week, President of Sri Lanka, Mr Mahinda Rajapaksa had directed relevant officials to take immediate measures to effect the payment of all arrears of salaries to the SaluSala staff before the Sinhala and Tamil New Year on April 14.
Fibre2fashion News Desk - India
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