July 29, 2013 (LBO) – Investments in Sri Lanka’s by Dialog Axiata group, a unit of Malaysia’s Axiata is reaching 1.5 billion US dollars with a 150 million US dollar network and fibre optic capacity, officials said. The latest investment agreement inked with the Board of Investment of Sri Lanka for 150 million dollars will see the total moving to 1.5 billion US dollars.
Dialog Axiata will invest 100 million and Dialog Broadband its fixed access unit will invest 50 million US dollars.
Dialog Axiata is the largest foreign direct investor in Sri Lanka, investment promotion minister Lakshman Yapa Abeywardene said.
Hans Wijayasuriya, group chief executive of Dialog Axiata said progressive telecom regulation and enabling investment environment has been one of the best in the markets.
The investments will go to expand mobile services, upgrading remaining generation services to third generation and expanding the fourth generations services.
Dialog will also invest in a cable landing station, where it is participating in a regional submarine cable network.
By 2011 Di