ITC Hotels launches one of largest ever foreign investments in Colombo
A luxury hotel complex with residences and office complex will soon be built in Sri Lanka by an Indian conglomerate.
ITC Chairman Y.C. Deveshwar said that ITC Colombo was one of the largest investments of the ITC hotels’ group of India under which a luxury hotel with 350 rooms with 130 luxury residences along with retail and office space will come up, making these comments at a ground breaking ceremony held this week at Galle Face. The total investment component of the project is estimated at US$300 million.
He said that they were happy to be in Sri Lanka at a time when the Sri Lanka’s economy was growing around 7 per cent this year. He said India and Sri Lanka have shared a common cultural heritage and this project will further strengthen the bonds between the two nations.
ITC Hotels is one of the largest hotel chains with more than 100 hotels in over 70 destinations. It is India’s largest luxury hotel chain, which was a part of ITC Ltd, a leading diversified enterprise in India with a market capital of over $45 billion and turnover of over $7 billion.
ITC Chairman Deveshwar has been ranked as the 7th best performing CEO in the world by the Harvard Business Review. ITC was recently ranked as the India’s most admired company by the Fortune India magazine in association with the Hay Group. The luxury hotel and residencies complex was commissioned by the Minister for Economic Development Basil Rajapaksa along with the High Commissioner of India to Sri Lanka Y.K. Sinha and Mr. Deveshwar. Minister for Investment Promotion Lakshman Yapa Abeywardena with the Governor of the Central Bank Nivard Cabraal too were present on the occasion.