Sri Lanka US$140mn project by India’s ITC

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.
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ITC has been given state land in Colombo's 'Galle Face' beachfront.
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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.

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Several Indian firms have bought state land in Sri Lanka's capital Colombo, including Kolkotta based South City Projects and Krrish, a beverage gr

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