Divolca invests Rs. 500 million in its re-branding and expansion drive

One of the leading electrical accessories manufacturers and exporters in Sri Lanka has been re-launched as ‘Divolca’ with a capital infusion of nearly Rs. 500 million.Micro Electric International (PVT) Ltd will also be re-launched as The ME Group with a significant structural change, new entrepreneurial culture to meet the new demands of the local and global market.

Chairman of ME Group Dhammika Samarawickrama said, ‘’I am very happy to announce the re-launch of Divolca operations and naming the group as The ME Group to form a new structure to serve the Sri Lankan economy in a more focused manner.”

He said that under the Rs. 500 million investments a significant portion was invested to open their first overseas factory in Mumbai India to bring FOREX back to Sri Lanka. We employ around 50 for this operation and are manufacturing around 50 products there with almost 90% value addition in India. India is a huge market and we are happy with the response we received so far from our dealer. Our aim is to get around 1% market share in two years in India.”

Samarawickrama said that they next aim to open their second overseas factory in Bangladesh.

Commenting on their local operations he said that they manufacture around 60 products locally with a value addition of nearly 40% in their factory in Colombo which continuously gains market share over its main competitors. These products have also gained SLS and ISO standards. We provide direct and indirect employment for nearly 700 staff.”

“We also hope to introduce new products for both local and export markets that are more energy efficient and with better safety features to meet the modern day needs. We are currently engaged in bringing more innovative products to Sri Lankan market with exports in mind.””

He said that they have over large local dealer network which mainly consists of Electrical shop owners and also Electricians and will also be appointing new distributors island wide.

“Under the new brand name, Divolca and The ME group will have a totally new journey with the coming financial year and our aim is to help the economy by bringing in more foreign exchange to the country via exports and via our overseas factories.”

The ME group also appointed.Kumari Samarawickrama and its new Deputy Chairman and its new Managing Director Shehan samarawickrama with two new directors, Udara Samarawickrama as Director of operations and Shenal Samarawickrama as the Director of Finance and Planning.

“In a bid to celebrate their success with its employees, the company provides school books and other accessories to children of their employees and in addition will be hosting “Divolca Employee” day on April 5.