Sri Lanka’s Renuka Holdings and Sanken Construction reach deal on Rs. 3.9 billion mixed development
Sri Lanka’s Renuka Holdings Plc has reportedly announced that it has entered into a deal to construct its flagship Rs. 3.9 billion mixed-development project with Sanken Construction (Pvt) Ltd.
Accordingly, the ‘Galle Face Icon’ project, which was formerly known as Renuka Tower, is to be a 32-storey building with grade A office space, amenities, service suits and recreational areas, operated by Renuka sub-subsidiary Galle Face Properties Limited.
The property is located between the Beira Lake and Galle Face Green, with the entrance from R.A.De Mel Mawatha (Duplication Road) and Galle Road.
At least Rs. 2 billion of the project financing will be through equity, of which some will be through a foreign investor, Renuka Holdings Plc in its latest annual report has stated.
Renuka Holdings is diversified into processed agriculture, organic plantations, dairy, fast moving consumer goods, property and other industries.
Foreign investments flowing in to the country are on the increase and it is evident by the increase in the number of mixed development projects being launched in Sri Lanka. The country is fast becoming a business hub in the South Asian region given its geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
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