India's ITC Limited Will Build A 300 Million US Dollar Mixed Development, Including A Hotel And Apartments In Sri Lanka's Capital Colombo. The Company Earlier Had Plans To Invest About 140 Million US Dollars In The Development. ITC Has Been Given State Land In Colombo's Galle Face Beachfront. ITC Colombo Plans To Build About 350 Rooms In The First Phase, More Than 170 Luxury Residences, World-Class Banqueting And Cuisine Experiences As Well As Retail And Full Service Office Space. The Project Is Expected To Commence Commercial Operations In August 2017 As Per The Agreement Signed With The Board Of Investment Sri Lanka (BOI). ITC Plans To Add Another 100 Hotel Rooms And 70 Luxury Apartments In Its Second Phase.
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