ITC's Sri Lankan arm buys land for hospitality project

Company mum on size of land, investment and exact nature of project

Diversified business conglomerate today 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.

ITC's scrips closed at Rs 230.70 per share on the BSE, down 1.35 per cent from the previous close.

With a market capitalisation of over $35 billion and a turnover of around $7 billion, ITC has interests in consumer goods, hotels, paper, agri-business and information technology.

image
Business Standard
177 22
Business Standard

ITC's Sri Lankan arm buys land for hospitality project

Company mum on size of land, investment and exact nature of project

Press Trust of India  |  New Delhi 



Diversified business conglomerate today 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.

ITC's scrips closed at Rs 230.70 per share on the BSE, down 1.35 per cent from the previous close.

With a market capitalisation of over $35 billion and a turnover of around $7 billion, ITC has interests in consumer goods, hotels, paper, agri-business and information technology.

RECOMMENDED FOR YOU

ITC's Sri Lankan arm buys land for hospitality project

Company mum on size of land, investment and exact nature of project

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

Diversified business conglomerate today 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.

ITC's scrips closed at Rs 230.70 per share on the BSE, down 1.35 per cent from the previous close.

With a market capitalisation of over $35 billion and a turnover of around $7 billion, ITC has interests in consumer goods, hotels, paper, agri-business and information technology.

image
Business Standard
177 22
Widgets Magazine

More News

  • SMEs fuelling India growth story: Adaire Fox-Martin SMEs fuelling India growth story: Adaire Fox-Martin
  • (From left to right) Dr Arvind Lal, CMD,  Dr Lal PathLabs Pvt Ltd and  Dr Om Manchanda, CEO, Lal PathLabs Pvt. Ltd at the announcement of Dr Lal PathLabs IPO in Mumbai (pic: Suryakant Niwate) Dr Lal PathLabs faces pricing pressure, margin erosion
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard