Australia’s United Petroleum eyes US$ 30mn food venture in SL

26 August 2024 02:36 am Views - {{hitsCtrl.values.hits}} 15 Bookmark

A A A

To launch under Australia’s iconic pie brand ‘Pie Face’
Venture to be launched in 1Q25
Manufacturing plant likely to be located in a BOI zone
Target markets include India, Malaysia, Singapore, South Africa and the Middle East region

By Nishel Fernando

Australia’s United Petroleum plans setup a food manufacturing venture in Sri Lanka with an investment of US$ 20-30 million to produce pies and other convenience food items under Australia’s iconic pie brand ‘Pie Face’.

“Most probably this will happen by the first quarter of 2025 and we are planning an investment around US$ 20-30 million in this venture,” United Petroleum Lanka (UPL) Private Limited, a wholly-owned subsidiary of Australia’s United Petroleum, Director and CEO Dr. Prabath Samarasinghe told Mirror Business.

The location of the proposed food manufacturing plant is yet to be finalised; however, Dr. Samarasinghe noted that it would be located in a BOI zone as the company plans to export 80 percent of the production targeting export markets such as India, Malaysia, Singapore, South Africa and the Middle East region.

“Under this project, UPL would relocate one of its (four) factories in Australia to Sri Lanka mainly to reduce the high logistic costs from Australia to Europe and Asia,” he added.

Once into operations, the plant is expected to produce 15,000 units of pies and other convenience food items per minute.

Under Pie Face brand, United Petroleum produce and market a range of award winning French-style pies and other convenience food items made using only premium ingredients.

In particular, United Petroleum through this venture in Sri Lanka is eyeing to enter the Indian market.

In addition, UPL is also expected to make a sizeable investment in establishing 50 new fuel stations as a mixed development project in Sri Lanka.

Dr.Samarasinghe noted that UPL is considering convert these ventures into full-scale convenience centers that may include apartment complexes and other real estate-related developments.

“We have already identified more than 70 properties to establish our new fuel stations and convert all into full-scale convenience centres, possibly including property development such as apartment, food and entertainment zones etc,” he added.

Comments - 15

Tissa Fernando Monday, 26 August 2024 07:47 AM

Very good, but our red brothers will not like it.

14 23

Mindset Change and Vegetarian Pies Must Be Included Monday, 26 August 2024 11:44 AM

They need to change their Mindset if they want to engage with the people. It’s all about fair trade so long there is employment to the locals and taxes paid to the SL government. Also, truly hope there will be VEGAN AND VEGETARIAN PIES so that there is inclusiveness.

2 12

Hadira Monday, 26 August 2024 08:46 AM

Unlike others foreign ventures who entered into petroleum market in Sri Lanka,we hope this new concept can generate employment as well as more consumer related services through their petroleum outlets

1 32

Jayampathi Monday, 26 August 2024 10:00 AM

The Authorities must scrutinise all these proposed ventures carefully especially apartment developments whether they are in the interests of the Sri Lankan people and whether they increase the gap between have and have - nots.. How can we just build apartments and get foreigners to buy here when our local people dont have enough food, water and power at reasonable prices.

31 7

warren Monday, 26 August 2024 11:23 AM

Don't worry. The Red Revolutionary Brothers will skillfully reduce the gap between the have and have nots such a way that all will be "have nots".

7 18

ScranjithA Monday, 26 August 2024 11:54 AM

As suggested we must exercise greater care on foreign Investments. However must not entertain unnecessary fear accepting their progressive proposals. The BOI evaluators should professionally study and advise the state.

4 8

Foreigners can buy only above 80 Million Rupees Apartments plus Taxes Monday, 26 August 2024 02:29 PM

From my understanding, foreigners purchasing property will be taxed substantially. Maybe the government can place a ceiling if still not implemented. Only apartments which are priced above 80 Million Rupees can only be sold to foreigners. They will need to pay in the preferred foreign currency. Remember, most of these buyers are retirees and have substantial amounts to splurge. Thereby helping the economy and paying VAT too.

1 5

Bandara Monday, 26 August 2024 10:25 AM

Wish this project be implemented without disruptions from corrupted politicians and government officers

0 10

Hara Manis Monday, 26 August 2024 11:33 AM

Just a pie in the sky. Similar news were circulated when Sinopec entered the market but no show

8 3

Kays Monday, 26 August 2024 11:56 AM

Someone please remind AKD to add them to his SMS list for taxpayers.

4 7

Supun Visvakula Monday, 26 August 2024 03:43 PM

While it’s great to see investments like this, I want to highlight that all production should be focused on exports, with no products entering the local market. We already have a healthy meal system, and introducing such products could disrupt our people's nature-friendly dietary habits. If this happens, it might lead to an increased need for imported medicine, which could be costly.

8 3

Moderation in Our Daily Activities Is The Key Monday, 26 August 2024 05:06 PM

Like in anything we do or eat, always practice MODERATION! If we can’t moderate, better stay home and do your own pie’s and meals. Most of the elderly have said, Moderation is the key for longevity and happiness :)

0 4

Gunapala Monday, 26 August 2024 06:23 PM

Variety of food must be available for people to choose. Everyone should be capable of deciding what to eat and drink and that decision should not be taken by government officials or politicians.

0 2

pie face Tuesday, 27 August 2024 07:17 AM

When the average Sri Lankan is struggling to find money to feed himself on a daily basis and has to rely on just one meal a day I wonder whether he could afford to buy a meat or sausage pie which could cost him around A$5.00 approx. Rs.1000 Sri Lankan.

0 1

APPUHAMY Thursday, 29 August 2024 04:49 PM

start proper fish and chips like in u.k. all time British favourite

0 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.