Aco Developers to build tallest building in Lanka

Luxury apartments project of US $ 100 million

HIRAN H. Senewiratne

INVESTMENT: An Indian based company Aco Developers (Pvt) has signed an agreement with the BOI to build the country's tallest building with an investment of US$ 100 million in Colpetty.

The company is planning to construct up to 45 levels and the Urban Development Authority has given approval for the project, its Chairman Ravi Jaipuria said.

He said this building would be a luxury apartment complex, which will change the skyline of the city of Colombo with the coming out of this project. This being the company's second largest investment prompted the company to launch this project due to the conducive investment climate in Sri Lanka, he said.

This project will be an investment plus infrastructure project will be most probably an intelligent building which will enable plug and play IT systems.

One of India's largest companies Devyani International Ltd will also fund the project.

The project would be started soon after the clearance from local government institutions, he said.BOI has also signed Rs 3.2 billion worth of investments yesterday before the Minister of Enterprise Development and Investment Promotion Rohitha Bogollagama.

Chairman of the BOI Prof. Luxman R Watawala and officials were present at the event.

Bogollagama said that Indian Investments have increased considerably during the last three months following the visit of President Mahinda Rajapakse to India.

Sri Lanka has succeeded in obtaining foreign direct investments of US $ 290 million last year and the target for 2006 is one billion US dollars, the Minister said.

Investments of US$ 75 million were signed at the BOI last week with 20 local and foreign investors to set up enterprises outside Colombo and Gampaha districts under the Government's Nipayum Sri Lanka programme.

The foundation for the first factory was laid last Tuesday at the Kurunegala district.

"During a period of 11 years incremental value of investment generation in Sri Lanka was low," the Minister said.

The BoI is planning to target US one million FDI's for 2006, which would be the highest for Sri Lanka.