M & M to set it park in Sri Lanka

Colombo, Oct 20: India's auto major Mahindra and Mahindra (M&M) will set up a multi-million dollar IT park in Sri Lanka which is expected to provide employment to 10,000 professionals.

''The IT park is to be set up in Katunayake (near Colombo) in the next six months under a special invitation extended by Sri Lanka's Enterprise Development and Investment Promotion Ministry,'' Sri Lankan News Forum quoted a senior minister as saying.

Talking to mediapersons, Investment Promotion Minister Navin Dissanayake said the project will be developed under a joint venture with the Board of Investment of the country and investments and other formalities will be finalised by the end of this month.

''M&M group is also discussing the possibility of exclusively developing the Trincomalee Trade Zone for which 1,635 acres have been earmarked,'' he added.

UNI