Sri Lanka Distilleries in bid re-enter insurance

Dec 10, 2009 (LBO) – Sri Lanka’s Distilleries group said it had applied to the regulator for a license to start an insurance company, after it lost the country’s largest insurer by assets on a court reversal of a privatization deal. The group controlled Sri Lanka Insurance Corporation until last year, when Sri Lanka’s Supreme Court ordered the firm to be returned to the state. Distilleries said it will have to invest 500 million to register an insurance company and if necessary up to a billion rupees will be provided for the project.

Distilleries is part of Sri Lanka’s Stassen’s group headed by businessman Harry Jayewardene.

Distilleries has investments in banking, and telecom.