SME Times News Bureau | 16 May, 2012
Cigarette-to-hotel multi-business major ITC Ltd. Tuesday
said its wholly-owned subsidiary WelcomHotels Lanka Private Limited (WLPL) has
acquired land in Colombo to set up a mixed-used project, including a luxury
hotel.
WLPL became a subsidiary of the $7 billion Indian company with effect from May
4 this year.
"WLPL has acquired land at Galle Face in Colombo on a 99-year lease from
the Board of Investment of Sri Lanka with an intention to set up a mixed used
project, including a luxury hotel," an ITC spokesperson said.
"The exact nature of the project will be decided on more detailed
evaluation in the course of time," she added.
The Kolkata-headquartered conglomerate, with a market capitalisation of over
$35 billion, has business interests spanning consumer goods, paper and
packaging, hotels, agri-business and information technology.
