The group picked up the abandoned textile mill complex, spread across 175 acres, for 100 million rupees.
The Apparel and Fabric Technology Park will be dedicated for industry, with existing zones at Seethawaka and Biyagama having insufficient water supply and treatment facilities.
The Thulhiriya complex, the block has been up for sale for investors interested in developing backward linkages for the apparel industry, such as fabric mills.
“We will now embark on renovating the site to international standards and market the location to attract fabric and accessory manufacturers from across the globe to set up within the zone,” Mahesh Amalean, Chairman of MAS Holdings said in a public statement.
As it is, the company has lined up six investment projects worth 100 million dollars in knit fabric manufacture, fabric printing, embroidery, washing and dyeing.
MAS Holdings is a 500 million dollar conglomerate, operating in ten countries, employing 21,000 people and supplying for top brands like Victoria’s Secret.
Apparel is a 2.4 billion dollar industry in Sri Lanka and is among the island’s main export earners, supplying top brands in key markets the United States and Europe.
(1 US$ = 104.5 rupees)