SRI LANKA> UK based currency printer De La Rue is set to inject further Rs 2 billion ($12.5 million) FDI to upgrade Sri Lankankan Plant

De la Rue logo

The leading global identity and currency printing business, De La Rue, is upgrading its Sri Lankan plant by investing further Rs 2 billion ($12.5 million). De La Rue and the Government of Sri Lanka entered into Joint Venture thirty two years ago for the global identity and currency printing business. De La Rue named the facility as one of the five global Centers of Excellence for printing in 2015.

To Deploy ‘Single Note Inspection’ Machinery at De La Rue’s plant in Biyagama, an investment of almost Rs. 1 billion ($6.25 million) has been deployed as the first phase of the program as the investment quality standards have been upgraded to ensure all the bank notes as of utmost quality.

The remaining investment is set aside for wages, taxes and other local facility spending while also offering regular training to improve the skills of local employees.

Printing over a billion banknotes a year, De La Rue Lanka plant in Biyagama supports the currency, identity and authentication of 140 countries worldwide including Sri Lanka itself.

According to James Dauris, the British High Commissioner in Sri Lanka, who spoke in the 30th anniversary of the JV in 2016:

‘The Sri Lankan Government’s original investment of Rs 29 million has earned the Country considerable dividends to date. In addition, the site employs over 300 highly skilled Sri Lankan employees and contributes every year to the local economy.’

Bryan Gray, the Global Chief Operating Officer of De La Rue further commented:

“We continue to invest in our site in Sri Lanka, with over Rs 7 billion invested in the past ten years. This latest investment strengthens the capability on site, and our team continues to deliver a truly world-class service. Not only are we supporting the work of the Central Bank in Sri Lanka, but also are able to meet our global customers’ requirements from De La Rue Lanka.”

About De La Rue

Founded in 1813, De La Rue Plc. operates as a commercial producer of currency worldwide through three segments namely Currency, Identity Solutions, and Product Authentication and Traceability. Headquartered in the UK, De La Rue’s currency segment provides printed banknotes, banknote paper and polymer substrates, and banknote security components whilst its Identity Solutions segment offers passport, e-passport, national ID and eID, driving license, and voter registration schemes and its product Authentication and Traceability segment produces security documents, including authentication labels, brand licensing products, government documents, cheques, and postage stamps.