ITC’s Sri Lankan arm acquires land for hospitality project

Diversified business conglomerate ITC Ltd said its wholly-owned arm in Sri Lanka has acquired land for a mixed-use hospitality project in the island nation.

The company that is looking to set a foothold in Sri Lanka also said WelcomHotels Lanka Pvt Ltd (WLPL) has become its wholly-owned subsidiary with effect from May 4, 2012 after allotment of 37,65,000 equity shares to it.

“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 use project, including a luxury hotel,” an ITC spokesperson told PTI.

The spokesperson, however, declined to share details like total area of the land parcel and investment to be made in the project.

The exact nature of the project will be decided after more detailed evaluation in due course of time, the spokesperson added.

ITC had set up WLPL as part of plans to set up hospitality ventures in Sri Lanka.

In a filing to the BSE, ITC Ltd said WLPL became a wholly-owned subsidiary of the Company with effect from May 4, 2012, consequent to allotment of 37,65,000 equity shares to the company by WLPL on that date.

With a market capitalisation of over USD 35 billion and a turnover of around USD seven billion, ITC has interests in  consumer goods, hotels, paper, agri-business and information technology. (PTI)