ITC Ltd, which recently announced the demerger of its hotels business, has made an equity investment of about ₹3,000 crore in Welcomhotels Lanka Pvt Ltd with the latest investment of $20 million.
Official data from the Reserve Bank of India shows that in July, ITC invested $20 million in Welcomhotels Lanka Pvt Ltd equity. According to Welcomhotels’ annual report, in FY23, the parent company (ITC Ltd) has ₹2,775-crore equity and preference capital.
The Sri Lankan property is spread across 5.86 acres of prime sea-facing land in Colombo, including a luxury hotel and a super-premium residential apartment complex - ‘Sapphire Residences’. The property includes 352 rooms, suites and serviced apartments, and 12 restaurants. According to ITC Hotels’ web site, the hotel is slated to be completed in 2023.
This site is best viewed with a resolution of 1024x768 (or higher) and supports Microsoft Internet Explorer 4.0 (or higher)
Copyright © 2016-2023