Business
Eco Spindles strengthens Sri Lanka’s circular economy for plastic recycling
Eco Spindles (Private) Limited, Sri Lanka’s largest plastics recycler, has announced plans to expand its capacity to manufacture yarn using recycled plastics, as well as innovative new additions to its suite of cutting-edge, eco-friendly products used by some of the world’s leading fashion brands.
The company owns one of only two plants in the world capable of creating polyester yarn directly from recycled polyethylene terephthalate (PET) plastic flakes. After the completion of the second phase of its yarn plant expansion programme in April 2022, the company expects its capacity to manufacture recycled polyester yarn to increase by 120%, from 100 tonnes of Draw Textured Yarn a month to 220 tonnes a month.
For its third phase of expansion, Eco Spindles is exploring potential opportunities to expand its footprint within or beyond Sri Lanka.
Given that its products, made using recycled PET plastics, are primarily exported, these developments pave the way for the company to generate more export earnings and foreign exchange for Sri Lanka. It also addresses the improper disposal of plastics, one of the world’s biggest environmental issues.
These developments were announced at Eco Spindles’ annual yarn conference held virtually on the 14th February 2022, with the participation of the company’s senior management. During the conference, Eco Spindles also felicitated its top 10 buyers of 2021.
The conference featured keynote addresses from BPPL Holdings PLC Managing Director and Chief Executive Officer (CEO) – Dr. Anush Amarasinghe, Eco Spindles Yarns CEO – Nalaka Senavirathna and Eco Spindles Yarns Head of Sales – Jerome De Mel. In addition to plans for business improvement, the speakers also shared their insights into the ongoing battle against plastic pollution and offered promising solutions adopted on a national scale with global impact.
“As people who are passionate about the environment, we are painfully aware of the impact plastic materials have on nature since more than 583 billion PET plastic bottles are produced each year with 85% of it going to landfills. We also believe that to resolve this crisis, the solution is social entrepreneurship which seeks to create and support a circular economic model. It is from this understanding that Eco Spindles emerged, and we are fortunate that our customers and partners have supported us in this vital mission. We look forward to continuing to collaborate with them in the future,” Dr. Amarasinghe said.
Eco Spindles also announced plans to manufacture recycled polyester yarn using textile waste during the conference. The company has been working closely and trailing this innovation with leading apparel manufacturers in Sri Lanka and global apparel brands. The first commercially viable product will be launched in May 2022.
“Globally, only 20% of clothing waste is recycled or reused, while the remaining 80% is incinerated or in landfills. Given that Sri Lanka is a prolific exporter of apparel, the ability to recycle textile waste back to yarn will provide the domestic industry and its global brands and retail partners a significant boost in enhancing their sustainability efforts. Additionally, a PET bottle, which typically takes over 1,000 years to degrade in the environment, can be recycled into polyester yarn, which manufacturers later convert into garments. Through this conversion, we remove over 900 years in degradation time if we responsibly dispose of and recycle plastic,” Nalaka Senavirathna said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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