Spadework

Sri Lanka Telecom said it was pumping Rs. 600 mn to float a fully owned subsidiary endash Telecom City (Pvt) Ltd.
SLT said the capital injection would come in on a staggered basis to suit progress and development of the project.rn

rnIn the first instance, it has been decided to pay up Rs. 2.50 per share totalling Rs. 150 mn being the first instalment on allotment. rn

rnThe balance would be paid up as and when as SLT is called up to pay. rn

rnSLTs Telecom City project that will provide in house technology to outsource call centre operations and various other ICT related services. The project will come up on 60 acres of land currently occupied by the Welikada prison complex in Borella. rn

rnThe foundation stone for the first phase was laid last year, on SLT owned land adjoining the Welikada Prison. rn

rnStage two and three of the project will expand Telecom City into current prison owned land for which SLT is still awaiting the relevant land acquisition approvals. rn

rnSLT has invested Rs. 6