India’s Tata Group to engage in mixed development project in Sri Lanka
Sri Lanka’s Prime Minister Ranil Wickremesinghe has reportedly stated that India’s Tata group will build a 3 million square feet mixed development project in the country.
Tata Housing has just completed a Rs. 7 billion project to re-house people who were living in an underserved settlement and nearby areas.
“Tata will next build a 3 million square feet mixed development,” Wickremesinghe has reportedly said at a ceremony to hand over houses to recipients.
“It will have shops, office and apartments. It will be a small city.”
The Prime Minister has further stated that the project will bring many job opportunities for the people in the area.
Meanwhile, The Indian High Commission in Sri Lanka earlier announced that India’s Tata Housing has completed the construction of a Rs. 7,000 million high rise complex with 626 housing unit and 114 shops in Sri Lanka’s commercial capital, Colombo.
Accordingly, well-built houses with all modern amenities were handed over to around 626 families and fully developed commercial spaces to around 114 shop owners. It is also a unique project completed by Tata Housing which has ensured re-housing of the existing community in a residential complex with improved infrastructure.
OSL take:
The mixed development project to be undertaken by India’s Tata Group following the completion of a housing project is indicative of the bilateral/trade/business partnership between India and Sri Lanka. The two countries already enjoy a free trade agreement (FTA). India is also a key contributor to Sri Lanka’s development programme. Sri Lanka always enjoys preferential treatment when carrying out business with India. Therefore, foreign businesses/investors interested in doing business with India could look at opportunities to set up base in Sri Lanka to engage with India. Also, given the close ties between the two countries, Indian businesses/investors could explore business/investment opportunities in Sri Lanka, which could be easily carried out due to the close proximity of the countries.
| Article Code : | VBS/AT/06082019/Z_3 |