Melwa Steel together with a Swiss company will invest US$ 35 million to increase productivity in their factory.
“This new factory would be commissioned in November,” he said.
The official said that the main reason for this is to increase the growing demand they are experiencing.
Melwa Steel is the official steel supplier for many high rise buildings that are being built not only by local companies but also by foreign companies who are involved in mega construction work in various fields.
"Shangri-La Colombo and Hambantota along with Altire, Cinnamon Life, Colombo City Centre by Abans, Avia by Astoria and several other mega developments use our steel bars,” he said.
Melwa Steel recently also diversified into the tourism sector and will invest to construct six resorts for Hilton.
Hilton (NYSE: HLT) signed six management agreements recently with Melwa Hotels and Resorts Private Limited to manage three Hilton Hotels and Resorts and three ‘Double Tree by Hilton’ properties in Sri Lanka.
“These properties strategically located in the heart of key tourist destinations of Kandy, Yala, Kosgoda, Nuwara-Eliya, Colombo and Negombo will allow them to reap the full benefits of the burgeoning growth in tourism in Sri Lanka. We are pleased to be working with a partner of the experience and standing of Melwa Hotels and Resorts to advance our footprint within this dynamic country,” Guy Phillips, senior vice president, Development – Asia and Australasia, Hilton said.
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