ITC's Sri Lankan arm acquires land for hospitality project

New Delhi, May 15 (PTI) Diversified Indian business conglomerate ITC Ltd today said its wholly-owned arm in Sri Lanka has acquired land for a mixed-use hospitality project in the island nation. The company that is looking to enter Sri Lanka also said WelcomHotels Lanka Pvt Ltd (WLPL) has become its wholly-owned subsidiary with effect from May 4, 2012 after allotment of 3,765,000 equity shares to it. "WLPL has acquired land at Galle Face in Colombo on a 99-year lease from the Board of Investment of Sri Lanka with an intention to set up a mixed use project, including a luxury hotel," an ITC spokesperson told PTI. ITC had set up WLPL as part of plans to set up hospitality ventures in Sri Lanka. In a filing to the BSE, ITC Ltd said WLPL became a wholly-owned subsidiary of the Company with effect from May 4, 2012, consequent to allotment of 3,765,000 equity shares to the company by WLPL on that date. With a market capitalisation of over USD 35 billion and a turnover of around USD seven billion, ITC has interests in consumer goods, hotels, paper, agri-business and information technology. PTI