ITC Ltd.

Diversified conglomerate, ITC reportedly has signed an agreement to obtain land to set up a luxury hotel at Colombo in Sri Lanka.

Earlier, the company had purchased a six-acre defence headquarters property on the prime Galle Face area at a cost of $125 million for the Colombo project which will feature a high-end mall, apartments, and 650 rooms. The construction cost is projected to be about $300 million.

ITC, a diversified conglomerate has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.