India’s Krrish group has signed a 450 million U.S. dollar property deal with the Sri Lankan government to develop a seven-star hotel and mixed development project in the heart of the capital, a top official said in Colombo on Friday.
The Indian company has leased the land for 99 years from the Sri Lankan government for 49 million U.S. dollars, said Lankan Deputy Economic Minister Lakshman Yapa Abeywardene.
“There have been 152 foreign direct investment projects signed so far this year and we are confident that we will continue to attract proposals from international companies. We want to see Fortune 500 companies in Sri Lanka,” Abeywardene told reporters.
His statement ends earlier speculation that the land was earmarked for China’s aircraft manufacturer, China National Aero Technology Import and Export Corporation (CATIC), which was involved in a controversial land deal with the government previously.
Krrish Group is expected to construct a 30 floor seven-start hotel as well as luxury apartments and a mall on the four acre property in Fort, at Colombo’s center.
Meanwhile,the Tourism industry and the textile industries have help fund a genocidal war and continue to help fund a genocidal government with an appalling human rights record, an ACT now group said.
The Sri Lankan government continue to break International law by illegally detaining up to 300, 000 internal refugees. The Sri Lankan government have also committed a number of war crimes this year including using banned chemical weapons on civilians areas and repeatedly bombing hospitals and other civilians establishments.
Please stop doing business with the Blood stained Sri Lankan government, the group added.