ITC invests close to ₹3,000 crore in Welcomhotels Sri Lanka.

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.

HBL