Australia’s United Petroleum eyes US$ 30mn food venture in SL – By Nishel Fernando
Source : dailymirror
- 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
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.
