Sri Lanka Renuka Holdings mulls hotels ventures

Sept 02, 2010 (LBO) – Sri Lanka’s Renuka Holdings is considering developing property is owns in the north and east as tourist resorts and is in talks with potential partners, an official said. Turnover for the period grew to 1.5 billion rupees from a restated 136 million rupees the previous year, before the acquisition of subsidiaries in March 2009 transformed Renuka Holdings from an investment trust to a diversified holding company. Chairperson I R Rajiyah said the group has an unused land blank of 1.6 acres of freehold property in central Colombo and 23 acres of tourism-related real estate in the eastern and northern provinces.

“The group has been exploring various possibilities for the development of these lands, carried out feasibilities, and had discussions with potential partners,” she told shareholders in the company’s annual report.

“Projects are expected to materialize in the forthcoming financial year.”

The group’s Renuka Resorts subsidiary owns coastal real estate in the east and its Renuka Villas unit owns tourism real estate in the northern province for future development, it said.

Sri Lanka’s 30-yar ethnic war ended in May 2009 resulting in a rapid revival in