The deal was signed with Varun Beverages Lanka which is sponsored by the Indian investor, North East Pure Drinks.
The manufacturing plant established in the rural town of Embulgama, Ranala will create employment opportunities for 420, the BOI statement said.
It was among eight new agreements for a total investment of 48 million US dollars approved by the BOI which is expected to create 900 job opportunities.
BOI approval entitles investors for incentives like tax breaks and duty free import of machinery and materials.
Singapore-based Auston Institute of Management has signed a deal with the BOI to establish a training institute with an investment for over 12 million dollars creating 50 employment opportunities.
It also approved an investment of 5.7 million dollars by Hotel River Park to establish a tourist hotel at Matale in the central hills.Other investments approved by the BOI include one by Haleys Business Solutions International which is to set up a venture to provide IT-enabled service to the local market.
The venture located at Colombo is an investment of over 800,000 dollars and will provide employment for a workforce of 170.
Tiesh By Lakmini signed an agreement for investment project in Colombo to manufacture hand-made jewellery for the export market with an investment of over 1.4 million dollars.
Denmark's Larsen, A & CE Lanka signed an investment agreement to set up a Business Process Outsourcing Center in Madinnagoda, a Colombo suburb, with an investment of over two million dollars.
"The company would be providing outsourced specialised architectural designing services," the BOI said. The BPO center will create 50 employment opportunities.
The BOI also said it has approved a 500,000 dollar investment by S. S. C. K. Textile Exporters for a project to export waste fabric, dusters and wipers in Wattala, north of Colombo.
An ice manufacturing and fish processing plant is to be set up by Nuwa Ice Plant with an investment of a million dollars in Dondra, at the island's southern tip, creating 50 employment opportunities, the BOI said.