Dialog Axiata in $250 m investment agreement with BOI
Dialog Axiata Group, the largest Foreign Direct Investor (FDI) operating under the aegis of the Board of Investment of Sri Lanka (BOI), recently announced entering into two supplementary agreements with the BOI for the investment of an additional sum of US$254.1 million (Rs. 46.1 billion) in Sri Lanka’s ICT Infrastructure.
The investment comprises $190.7 million from Dialog Axiata PLC and $63.4 million from its subsidiary Dialog Broadband Networks (Pvt) Ltd. These agreements span a broad scope of ICT infrastructure development by the Dialog Axiata Group encompassing the expansions of mobile and fixed 4G-LTE networks, the evolution of IP and fibre networks, and the further development of the group’s Wi-Fi and broadband networks.
Moreover, the investment is set to yield significant economic benefits to the economy through the deployment of 5G connectivity which will position Sri Lanka as a pioneer in 5G technology. This will be alongside the submarine cable and landing station development which will offer more reliable and cost-effective internet connectivity, the company said in a media release.
The agreement between Dialog Axiata PLC and the BOI was signed by Datuk Azzat Kamaludin - Chairman, Dialog Axiata PLC, Supun Weerasinghe - Director/ Group Chief Executive, Dialog Axiata PLC, and Susantha Ratnayake, BOI Chairman while the agreement between Dialog Broadband Networks (Pvt) Ltd and BOI by Supun Weerasinghe – Director, Dialog Broadband Networks (Pvt) Ltd, Ms. Viranthi Attygalle - Group Company
Secretary, Dialog Axiata PLC, and Susantha Ratnayake, BOI Chairman.
As the largest FDI in Sri Lanka, Dialog Axiata Group has contributed $2.7 billion to Sri Lanka since 1994, with its investment being 11 per cent of the total FDI of the country.
“We value our partnership with the BOI and are honoured to enter into this agreement today. Having been here since 1994 as the largest FDI, this fresh investment signals Axiata’s long-term commitment to the country and the people. Furthermore, Axiata together with Dialog are excited to deliver better connectivity and new technologies in Sri Lanka,” said Tan Sri Jamaludin Ibrahim, Managing Director/President & Group Chief Executive Officer, Axiata Group Berhad.