 |
|
Photo: defence.lk |
A subsidiary of the Tata group announced on Monday that it is investing $400mn to develop a township project in Sri Lanka’s capital Colombo, reported NDTV.
Tata Housing is developing the project together with the Sri Lankan Urban Development Authority, which falls under the purview of Gothabaya Rajapaksa, the Secretary for the Ministry of Defence and Urban Development.
Gothabhaya Rajapaksa "graced the ground breaking ceremony" of the launch of the development earlier today, along with Sri Lankan ministers, MPs and representatives of Tata Housing, reported the defence ministry's website.
"We are extremely glad in partnering with Tata Housing to pilot the first redevelopment project under the PPP model which provide a better quality of life for the current tenants of slave island. We are sure that the experience of Tata Housing and their thrust on quality would result in this project to be a landmark in Colombo," Sri Lanka Urban Development Authority Chairman Nimal Parera said.
The development will include luxury residential units, retail areas, office space and business hotels, and will be spread over the next 6-8 years.
"Tata Housing clearly recognises the opportunity for long-term and sustained growth in the Sri Lankan housing market. Our investment represents our strong ties with our neighbours and urban renewal within prime locations of the country," Tata Housing managing director and CEO Brotin Banerjee said.