ITC, an Indian conglomerate headquartered in Kolkata, West Bengal, India will construct a hotel and apartments projects worth $ 300 mn in Colombo, a capital city of Sri Lanka.
ITC Limited has its presence in the segments like FMCG, Hotels, Paperboards and Packaging, Agri Business and Information Technology.
At present Sri lanka is one of the fastest growing markets, that’s the reason the company modified its plan from earlier plan of investing about $ 140 mn to $ 300 mn. Soon Srilanka is expected to match up with the growth rate of China.
Current plan is to build about 350 rooms in Phase-1, more than 170 luxury residences, world-class banqueting, cuisine experiences, retail and full service office space.
As per the agreement company has signed with BOI – The Board of Investment Sri Lanka; the project will be operational in August 2017.
ITC has plans to invest $ 4 bn in India over coming four years.