Press briefing of Cabinet Decision taken on 2012-10-03

Multi Faceted Mixed Use Development Project in Colombo - ITC Ltd., India (Welcome Hotels Lanka Pvt. Ltd.)

- ITC Limited, India intends to set up a multi faceted mixed use development project with an investment of US $140 million on a section of the property of former Army Headquarters premises in Colombo 03. ITC Limited, India is the second largest hotel chain in India with over 100 hotels. The above project includes luxury hotels, high quality residencies and shopping malls. The proposal made by Hon. Basil Rajapaksa, Minister of Economic Development, to recognize this project as a Strategic Development Project under Act No.14 of 2008, was approved by the Cabinet.