ITC's first foreign venture in the hotel space has adversely impacted by Sri Lanka's economic crisis. The $300 billion project under WelcomHotels Lanka (private) Limited (WLPL) is a wholly owned subsidiary of ITC. It comprises a luxury hotel and super premium residential apartment complex on 5.86 acres of prime sea facing land in Colombo.
The project has a status strategic Development Project ,entitling it to various fiscal benefits is Sri Lanka. It is also exempt from Sri Lanka foreign exchange regulations. ITC conducted the ground breaking ceremony in 2014. It was excepted to be completed by 2020.For this the company faced many challenges told Sri Lanka, but in the market it was given a unique position also it also a superior proposition. As it is nearing completion the company expects to get gain in the sales of the apartments.
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