The government today (Nov. 15) signed a lease agreement to hand over Embilipitiya Paper Corporation to an Australian company for a period of 30 years as part of restructuring of public enterprises.
M/s Perth Engineering and Maintenance Pvt. Ltd. took over the factory for Rs. 600 million.
The government has valued the machinery and assets of the company at Rs. 400 million, and the business value has been estimated at Rs. 100 million.
" The employees of the paper mill will be laid off on a voluntary retirement scheme after being compensated. "
State Enterprise Development Minister Anton Dayasritha Tissera said.
The government is in the process of restructuring 23 state enterprises and the first phase included four enterprises, including Embilipitiya Paper Corporation.
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