ITC is planning to set up a luxury hotel at Colombo in Sri Lanka.
The company is planning to invest $300 million (approx Rs 1,539 crore) for setting up the hotel. The Union Government of India has approved FDI of $300 million enabling for the hotel to be built on five acre in close proximity to military headquarters in Colombo's famous Galle Face landmark beachfront on a 99 year lease. The Board of Investment of Sri Lanka is to sign MoU with ITC which will enable the firm to execute the project under concessionary tax terms with permitted exemptions on investments.