Indian company bags $250 mn building project in Colombo

I / Colombo September 18, 2009, 14:41 IST

An Indian construction company SuchirIndia has entered into a collaboration with Sri Lankan firm NEB Rapid Infrastructure Projects to implement a $250 million project in the suburbs of Colombo.     

SuchirIndia, a Hyderabad-based group, in collaboration with NEB Rapid Infrastructure Projects will construct a 40 storeyed building through a special purpose vehicle SUCHIRNEB Projects Pvt Ltd in the first phase.     

The project is to construct a tower complex that would comprise a 40 floor commercial complex and a 70 floor Residential tower (in the second phase) at Battaramulla in the Colombo suburbs.     

The 1.2 million sq feet structure is expected to be completed in 30 months, company officials said. When contacted, SUCHIRNEB Director Y Kiron told PTI that the first project of a 40-floor complex is estimated to cost $110 million, the second phase of a 70-floor Residential tower is expected to cost $140 million.     

"Working in close association with Sri Lanka, its various government representative bodies and officials has been a pleasure in view of their unending willingness to support and help on all counts," he said.     

"We hope to establish our foot print into Colombo with this project and hope to extend it further and further into new areas," he said. The project  will also involve the Sri Lankan government.

Meanwhile, Airbus in a statement said the evolving airline network, emerging economies, expansion of low cost carriers and replacement of older less efficient aircrafts with more eco-efficient airlines are factors driving demand for new aircraft.     

"Some 25,000 new passenger and freighter aircraft valued at $3.1 trillion will be delivered from 2009 to 2028," the statement said.     

Further, the company said it expects air traffic "will remain resilient to the cyclical effects of the sector and increase by 4.7 per cent per year or double in the next 15 years."