Sri Lanka paid another installment for land by India’s Krrish: minister

Sept 18, 2013 (LBO) – India’s Krrish group has paid another installment for state land given to their project including interest for delays investment promotion minister Lakshman Abeywardene said. The project has become controversial due to payment delays and has come under fire from the opposition for not being awarded on open tender.

At the time they were given the last extension the firm had paid 4,254.5 million rupees and another 150.8 million had been made recently.

“They now have to pay 595 million rupees,” Abeywardene told reporters. “And that includes 12 percent interest for delays.”

Krrish had said they will complete the payment by October he said.

“If there is a delay they will have to pay more interest,” he said.

Sri Lanka’s investment promotion agency the Board of Investment will process the Krissh project for tax break only after the payments are complete, he said.

Krrish Transworks Colombo (Pvt) Ltd, has been given land in the heart of the colonial quarter of Sri Lanka’s capital Colombo including a historic building from the period, Transworks house.

The promoters have proposed a mixed development involving a luxury hotel, apartments and shopping