June 19, 2015 (LBO) – Sri Lanka’s Tokyo Cement is to invest in a joint venture to produce high quality manufactured sand and aggregates for concrete, the company said in a stock exchange filing.
A subsidiary will be incorporated for this purpose by the name of Tokyo Super Aggregate Limited with 51 percent equity participation by Tokyo Cement.
Raddella Engineering and Earth Movers private limited has been chosen as the partner of the project which costs around 220 million rupees.
“Natural sand Extraction is becoming less of an option because of lack of natural sand reserves. New pit location opportunities are fewer,”
“Natural sand extraction has been the backbone of the aggregate industry. This is increasingly less the case.” the company said describing the reason behind the move.