Big Step

Ceylinco Consolidated, the leading corporate group in Sri Lanka, has tied up with Shriram Properties Ltd to develop commercial and housing properties in Bangalore and Chennai. Ceylinco Consolidated, the leading corporate group in Sri Lanka, has tied up with Shriram Properties Ltd to develop commercial and housing properties in Bangalore and Chennai. The Colombo-based conglomerate and Shriram are setting up a joint venture to build integrated townships in Bangalore and Chennai, which have emerged as boom cities, riding on economic rebound, driven mainly by IT, BPO, pharma and automobile sectors.

The townships, to be spread over 100 acres on the outskirts of both the metros, will be built in the next four-five years. They will have residential buildings, service apartments and commercial complexes with state-of-the-art facilities and amenities for outright purchase or leasing.

The combined investment in the two townships is estimated to Rs.12 billion.

The partners will also develop large commercial properties for locating IT parks and shopping malls in Bangalore as well as Chennai. The investment in Bangalore will be about Rs.1.2 billion. A similar investment