A major investment project will start in Ra soon as the 99 years lease for 112.4 hectares of land was handed over to a US company, 480 Holdings Ltd by Acting Prime Minister Aiyaz Sayed-Khaiyum this afternoon.
480 Holdings Ltd is setting up a factory in the province of Ra to extract mineral water which will not only be sold in Fiji but also exported to other parts of the world.
The company presented a cheque of $554,451 as the Lease consideration and performance bond to the Director of Lands which will be given to the land owners.
The Director of 480 Holdings Ltd Bob Bishop said they have already invested $10 million on upgrading of the roads, making of bridges and architectural work.
Bishop said they are now looking at investing about $140 million.
The landowners will be paid a premium of $2 million and $26,000 lease will be given every year for the next 99 years with a review period of 5 years.
The Nakorosago mataqali has given consent to lease the land while the process is underway to get the consent from the other two mataqalis.
The Nakorosago mataqali land will be used to extract water and set up the factory.
