Sri Lanka fund takes 33-pct stake in Bangladesh power firm

Mar 12, 2014 (LBO) – Lanka Ventures Plc, a Sri Lanka based investment fund said it had invested 5 million US dollars for a 33 percent stake in Lakdhanavi Bangla Power Limited, which is building a 52.2 MegaWatt thermal power plant in Bangladesh. The investment was made through its subsidiary Lanka Energy International (Pvt) Ltd, on March 11, Lanka Ventures said in a stock exchange filing.

Last January the firm had invested 2 million US dollars (255 million rupees) Raj Lanka Power Company Ltd to take a 16 percent stake. It also built a 52.2 MW power plant in Rajshani Bangladesh.

The plant had been connected to the Bangladeshi power grid on January 24, 2014.

The latest plant is being built in Comilla, Bangladesh.

With 653 million US dollar being invested in the second plant, Lanka Ventures said its power sector investments rose to 1,840 million rupees.