HCL Technologies’ Lankan investment to get tax concessions

The Cabinet nod has been given to recognise India-based HCL Technologies’ US $ 10.5 million software and IT project, under the Strategic Development Projects Act, granting the necessary tax concession for investment.

HCL Technologies Lanka (Pvt.) Limited, a fully-affiliated company of HCL Technologies in India, last year  signed an agreement with the Board of Investment (BOI)  to implement a software development and information technology-related services project, with an investment of US $ 10.5 million, while generating 3,500 employment opportunities for 2,450 Sri Lankans and 1,050 foreigners. 

Based on a request made by the firm, with the consent of the BOI, Prime Minister Mahinda Rajapaska in his capacity as the Economic Policies and Plan Implementation Minister forwarded a resolution to the Cabinet of Ministers this week to recognise the project inaugurated by HCL Technologies Lanka (Pvt.) Limited as a venture established under Strategy Development Project Act No. 14 of 2008.

HCL Technologies commenced commercial operations of the project in October, last year. The company recently announced that the project has been implemented smoothly, with over 1,000 locals being recruited for the project.