Oct 04, 2012 (LBO) – India’s ITC Limited will build a 140 million US dollar mixed development including a hotel, shopping mall and apartments in Sri Lanka’s capital Colombo, minister Keheliya Rambukwelle said. ITC has been given state land in Colombo’s ‘Galle Face’ beachfront.
Though earlier reports said ITC may operate a ‘Sheraton’ branded hotel in Colombo, to which the firm has the franchise, a Sri Lanka government gazette notification indicated that the group may build a ‘Welcome’ branded upmarket hotel.
The project will also get sweeping tax breaks, under Sri Lanka’s strategic investment law.
Several Indian firms have bought state land in Sri Lanka’s capital Colombo, including Kolkotta based South City Projects and Krrish, a beverage gr