Sri Lankan MNC shifts base to India; to set up apparel park

Bangalore, Aug 2 (UNI) Shifting its base to India, Sri Lankan multinational company, Brandix International, in association with the Andhra Pradesh Government, has decided to set up an apparel park in Visakhapatnam by investing three billion US Dollars in the next three years.

Informing this to reporters here today, Company CEO Shantha Kurumbalapitiya said the company had decided to move out of Sri Lanka following the ethnic conflict marring the Island nation's economy. It had chosen India for its growing economy and predicted that India would become the second largest player in the apparel industry in the next few years.

He said the proposed Apparel park would come up in an area of 1,000 acres in the Export Processing Zone. It would be a major sourcing centre for apparels and was expected to generate employment opportunities for 60,000 people. Preliminary works for the project had already begun, he added.

He said the company would have a major stake in the park, expected to commence operations by mid 2007.

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