Business
Thornton acquires Dane Engineering for Rs 350 million
*Thornton and Dane’s combined projects portfolio tops Rs 5.9 billion
*New entity says confident of doubling portfolio in FY 2021-22
Thornton Engineering, the Nextventures owned civil engineering company, has announced the acquisition of a 100% stake in Dane Engineering (Pvt) Ltd. for Rs 350 million, creating a construction business with a combined portfolio of Rs 5.9 billion, a company news release said last week.
The new entity, Thornton and Dane Engineering, expects to add new construction projects with a cumulative value of Rs 5 billion within the current financial year, nearly doubling its projects portfolio, the Company said in its announcement.
“We are excited at the post-acquisition prospects for the new company, because we strongly believe that it is a good example for the concept of the whole being greater than the sum of its parts,” said Thornton and Dane Director Dinesh Schaffter. “The combined strengths of Thornton and Dane create a formidable as well as extremely flexible engineering company that is capable of executing projects of varying scope and scale.”
Dane Engineering founder Deepthi Perera who serves as Managing Director of Thornton and Dane added: “This acquisition is a logical and timely milestone in the evolution of both entities. It creates synergies and capabilities that are needed to succeed in Sri Lanka’s construction sector at a time when many companies are facing challenges in achieving growth due to economic slowdowns and the effects of the global pandemic. We are confident that our business will emerge stronger and even more agile as a result of this acquisition.”
A construction service company with origins dating back to 2004, Dane Engineering is registered with ICTAD of Sri Lanka as a Grade C1 contracting company and is ISO 9001 certified. Founded as an offshore ship salvaging company, Dane Engineering was awarded one of the largest domestic water supply projects in the North Eastern region, leading to its metamorphosis into a civil engineering company with an emphasis on infrastructure, buildings and special projects.
Today, Dane Engineering employs 400 people and focuses principally on vertical and horizontal condominium projects, housing projects, hotels, office buildings and bridge, road and water supply construction projects and has developed extensive capabilities in the execution of mechanical as well as structural steel and Aluminium fabrication and horizontal directional drilling.
Among Dane Engineering’s many noteworthy achievements are the completion of the 100-room Citrus Waskaduwa hotel in just 97 days, and the company’s appointment as the partner in the Homagama Park Lane project, a horizontal condominium project comprising of 74 luxury villas
The Company was the construction partner for many well-known buildings and projects including Loft Residencies – Colombo, University College of Technology – Ratmalana, the Family Planning Association – Narahenpita, Urban Heights – Wattala and the Kelsey Homes projects at Kottawa and Ja-Ela.
Among its numerous infrastructure projects are the Gabion wall of the Beira Lake, a World Bank-funded road development project in the Sabaragamuwa Province and several bridges in the Central Province.
Consequent to the acquisition of Dane Engineering, the Board of Directors of Thornton and Dane will comprise of Messrs Deepthi Perera (Managing Director), Piyal Hennayake (CEO), Dinesh Schaffter, Sivasothy Sitharthan and Eng. K. P. I. U. Dharmapala.
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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