Asia Capital PLC, a prominent player in the business landscape, has announced the appointment of Raju Radha as its new Managing Director.
Radha, previously serving as an Independent Non-Executive Director, has transitioned into the role of Executive Director, bringing a wealth of expertise and experience to his new position.
With a B.Sc. in Business Management from the University of London, Radha boasts a diverse background in various business domains, including shipping, logistics, media, property development, and trading.
His extensive career includes key roles such as Managing Director of Sea Services Ltd. (the first Sri Lankan ship-owning feedering company), Director of Greenlanka Shipping Ltd., and Chairman of Vauxhall Shipping Ltd. (a joint venture with Aitken Spence PLC).
Radha has played pivotal roles in media as the founder Director of Radaan Media Works India Ltd. and a Director of Radaan Talent Factory (a joint venture with Capital Maharaja).
Currently, he holds the position of Managing Director at SAR Shipping Ltd., SAR Maritime Ltd., SAR Trading Ltd., and serves as the Chief Operating Officer of Greenlanka Property Developer Ltd.
The strategic appointment comes amid a dynamic period for Asia Capital PLC, signaling a focused effort to leverage Radha’s extensive knowledge and leadership acumen. Malaysia’s Vijayeswaran S Vijayaratnam, controlling over 80% stake in Asia Capital, emphasizes a commitment to steering the company towards continued success under Radha’s guidance.
Raju Radha’s elevation to Managing Director is poised to contribute significantly to Asia Capital PLC’s ongoing growth and diversification initiatives, solidifying its position as a key player in the business landscape.
The Government of the United Kingdom (UK) has unveiled a package of reforms to simplify imports from developing countries like Sri Lanka after upgrades to the Developing Countries Trading Scheme (DCTS).
The changes, announced as part of the UK’s wider Trade for Development offer, aim to support economic growth in partner countries, including Sri Lanka, while helping UK businesses and consumers access high-quality, affordable goods.
New measures include simplifying rules of origin, enabling more goods from countries such as Sri Lanka, Nigeria, and the Philippines can enter the UK tariff-free, even when using components from across Asia and Africa.
These changes are expected to be in place by early 2026.
This move strengthens Sri Lanka’s position in its second-largest apparel market, supporting exports, jobs, and economic growth.
The British High Commissioner to Sri Lanka, Andrew Patrick, said: “This is a win for the Sri Lankan garment sector, and for UK consumers. With the UK being the second largest export market and garments making up over 60% of that trade, we know manufacturers here will welcome this announcement.
“We want Sri Lanka to improve the utilisation of the UK’s Developing Countries Trading Scheme for a wider range of goods, not just garments. With the Sri Lankan government’s ambition to grow exports, and with the simplification of rules of origin for other sectors too, we strongly encourage more exporters to explore how they can benefit from the preferences offered by the DCTS. The UK remains committed to working towards creating shared prosperity for both our countries.”
International relations researcher – Dr. Hasith Kandaudahewa says there is a visible trend of China gradually distancing itself from Sri Lanka since 2023, a process that could accelerate with India’s Mazagon Dock Shipbuilders Ltd. acquiring a majority stake in Colombo Dockyard PLC (CDPLC).
Speaking to the BBC Sinhala Service, Dr. Kandaudahewa has noted that CDPLC’s reputation in global shipbuilding makes the acquisition strategically significant for India, especially when viewed alongside India’s newly opened Vizhinjam International Seaport in Kerala.
This shows that India is steadily strengthening its port infrastructure across the Indo-Pacific and increasing its strategic influence in the Indian Ocean, he has said.
Dr. Kandaudahewa has further pointed out that with China already holding Hambantota Port on a 99-year lease, India’s move to secure the majority stake in CDPLC signals a clear challenge to the Chinese presence in Sri Lanka.
“While China is holding the Hambantota Port on a 99-year lease, India is also trying to show its dominance in Sri Lanka. India is trying to pose a challenge to China by securing a majority stake in the CDPLC. Why, because these two countries are staking their claim to two of the most strategic locations in the same country. Similarly, we are seeing China gradually distancing from Sri Lanka from 2023. The CDPLC seems to be accelerating it even further.”
“In the long term, India is investing in renewable energy programs in Sri Lanka. Even though India may not gain much profit from this, it is trying to further retain Sri Lanka as their closest neighbor.”
Mazagon Dock deal confirmed
The Colombo Stock Exchange has already confirmed that Mazagon Dock Shipbuilders Ltd, a public sector undertaking (PSU) of the Government of India, will acquire a 51% stake in CDPLC currently held by Japan’s Onomichi Dockyard Co. Ltd for USD 52.96 million.
The deal is to be completed in the next 06 months.
Mazagon Dock Shipbuilders Limited, Mumbai, an ISO 9001: 2015 Company is one of the leading shipbuilding yard in India.
Since it was taken over by the Indian government in 1960, Mazagon Dock MDL has built a total 805 vessels including 30 warships, from advanced destroyers to missile boats and 8 submarines.
CDPLC’s major shareholders (2024):
51%: Onomichi Dockyard Co. Ltd. (Japan) (to be sold to Mazagon Dock)
16.34%: Employees’ Provident Fund (EPF)
5%: Sri Lanka Insurance Corporation – General Fund
4.92%: Sri Lanka Insurance Corporation – Life Fund