ITC Ltd.

ITC will set up a luxury hotel in Colombo and the company will be investing $300 million for the same. The government has approved $300 million foreign direct investment of the company enabling the hotel to be built on 5 acres of land on a 99-year lease. The land is in close proximity to military headquarters in Colombo's famous Galle Face landmark beachfront.

The Board of Investment of Sri Lanka will enter into a memorandum of understanding with ITC, in order to execute the project under concessionary tax terms with permitted exemptions on investments.

The government hopes that ITC’s presence in Sri Lanka will be a significant contribution towards promoting FDI and the tourism industry in the country since it is a reputed hotel investment group with investments and hotels in India.