Sri Lanka Richard Pieris mulls hotel venture

20 January 2012: Sri Lanka's Richard Pieris & Company group plans to invest in the hotel sector as part of its diversification strategy amid a boom in tourists arrivals. The company is scouting for a suitable land to build a hotel, the group's operations director Ravi Liyanage told Vimasuma.com, our sister news website. The group might get into the hotel business either on its own or through a joint venture.

Richard Pieris group has already setting up of an insurance subsidiary, Arpico Insurance, to capitalize on the island's relatively untapped life sector which is less competitive than general insurance.

source: Lankabusinessonline