ITC Colombo One, first phase launched

by Sanjeevi Jayasuriya

Further strengthening economic relations between Sri Lanka and India, the Indian multi-business enterprise ITC, entered the country’s hospitality and housing industry with an investment of US $ 300 million.

The groundbreaking ceremony for the iconic luxury hotel and residencies, ITC Colombo One took place last week at the picturesque coastline overlooking the Galle Face Green.

Chairman ITC, Y.C. Deveshwar said that India and Sri Lanka share a common heritage in the sub-continent and have had rich social and cultural ties for generations. "ITC Colombo One will build on this heritage and strengthen our relationship even further. ITC dedicates this project to Sri Lanka and to its future progress and prosperity," he said.

"This is the ITC’s single largest investment outside India. I had an unfulfilled desire to make ITC’s presence in Sri Lanka since the 1970s. Ruchir Sharma of Morgan Stanley Investment Management said in his book titled 'Breakout Nations', that Sri Lanka would be another economic miracle in the world," Deveshwar said.

"These two factors coupled with the encouragement by the Indian government and the warm welcome from Sri Lanka motivated us to invest in Sri Lanka," he said.

"We intend to be a partner in progress, as in Sri Lanka, the leadership and abundance of broad shoulders has inspired ITC to have a lasting business relationship with this country. We will be a worthy partner to support the tourism sector and the housing sector as ITC is a world renowned and admired entity in both fields," Deveshwar said.

ITC Colombo One will offer 350 rooms in the first phase, over 130 luxury residencies, world-class banqueting and cuisine experience which is the hallmark of the company. Construction work is due to be completed by 2017.

The ITC Hotels is India’s largest luxury hotel chain and is a part of ITC Limited, a leading diversified enterprise in India. With a market cap of over US $ 45 billion, ITC’s businesses in India include fast moving consumer goods, hotels, paperboard, paper and packaging, agri business and information technology.