ITC’s Sri Lankan subsidiary acquires land in Colombo

Kolkata, May 15: 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.