Lanka Sugar Company (Pvt) Ltd is a fully government owned company under the Ministry of Public Enterprise and Kandy Development.
The government took over both Pelwatta and Sevanagala factories through an act under revival of under-performing enterprises or underutilized assets, Act No.43 of 2011” on 11thNovember 2011. This action based on report by a cabinet subcommittee appointed for the purpose of analyzing the then performances and the industrial attributes of the sugar industry towards economic development. Having concluded an in-depth study on economic value and performances of both Sevanagala and Pelwatta sugar factories along with 34 other institutes, the committee recommended to takeover by the government.
Subsequently a competent authority was appointed in the same year. however the tenure was extended up to 24th August 2012 when the incorporation of Lanka Sugar Company (Pvt.) Ltd took place.
The company is to be self-funded and to be efficiently managed with profitability, Thereby save sums of foreign exchange expenditure on imported sugar and ethanol to Sri Lanka.
*The Sugar requirement of the country is estimated to be 538,786 Mt per annum in 2017. Sri Lanka Imports 90 % of the annual sugar requirement based on 2017 and spending a colossal amount of Rs. 48.32 Billion in Foriegn expenditure.
In addition to ensure healthy income to farmers thus, uplifting their standards of living.
Further LSCPL, in additional to Pelwatta and Sevanagala units to identify and develop sugarcane Industry in other Agro-economic zones of Sri Lanka, mainly areas where suitable climate, soil and lands are available where irrigation possibilities are also evident.
Developing the Sugarcane Industry will help rural farmers to uplift their socio-economic and living standards. Development in this sector will generate new employment opportunities in various supporting fields associated to the industry, including multiple categories of service providers.
*Source : Department of Customs (2017) | Central Bank Report (2017)