Gal-Oya Plantations (Pvt) Limited, (GOPL) was formed in 2007 for the purpose of revitalizing the former Hingurana Sugar Industries Limited, that was closed since 1997.
The Public Reforms Commission, on behalf of the Government of Sri Lanka invited expression of interest from the interested parties to restore the Hingurana Sugar Industries (Pvt) Ltd and to re-cultivate the lands attached to the factory.
A consortium led by Brown & Company PLC and Lanka ORIX Leasing Company PLC forwarded a proposal to the Government of Sri Lanka to enter into a Public-Private Partnership (PPP) thereby to revitalize then abundant sugar factory.
Having perused the proposal, a new company was formed as a joint venture between the
Government of Sri Lanka and the consortium, where 51% of the ownership retains with the Government of Sri Lanka and 49% of the ownership to the consortium. In addition, the consortium was appointed as the exclusive management agent, Galoya Holdings (Pvt) Ltd.
The Government of Sri Lanka transferred/leased all the assets of Hingurana Sugar Industries to GOPL at an agreed valuation for its 51% of equity. The consortium infused fresh capital for the balance 49% with an undertaking to arrange the balance funding through debt capital.
The plantation consists of 7,659 ha of land with approximately 5,200 ha of cultivatable extent allotted amongst 4,400 families. The rest of the area is occupied by factory buildings, housing complexes, high lands reservations, field roads and drainages. The project area is divided into 5 major zones namely Varipathanchena, Galmuduwa, Deegawapi, Hingurana, and Neetha.