News: ITC’s first foreign venture in the hotel space – a premium and luxury mixed-use development – has been "adversely impacted” by Sri Lanka’s economic crisis, the firm said. The $300-million project under WelcomHotels Lanka Pvt Ltd (WLPL), a wholly-owned subsidiary of ITC, comprises a luxury hotel and a super-premium residential apartment complex on 5.86 acres of prime sea-facing land in Colombo
Views: At the end of March 2022, capital work in progress for the project was Rs. 639 crore and inventories were Rs. 493 crore. Though the company expects apartment sales to gain traction as the project nears completion and on normalisation of the situation in the country, we believe the company may have to take the impairment of assets, going forward
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