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Cabinet approval has been granted to implement the project for the construction of a luxury urban hotel in Colombo 03 as a strategic development project under the Strategic Development Project Act.

The Government said a luxury urban hotel comprising 652 rooms is planned to be constructed with an investment of US$ 70.4 million.

The hotel will be constructed jointly by D.R. Home Appliances (Pvt.) Limited which is a company under the group of Damro, Piyestra Furniture (Pvt.) Limited and D.R. Industries (Pvt.) Limited in Colombo 03.

Approval of the Board of Investment of Sri Lanka has been received to award relevant concessionaires to it under the Strategic Development Projects Act No 14 of 2008 subsequent to identification as a strategic development project under that act.

Therefore, the Cabinet of Ministers has granted approval to the resolution submitted by the Prime Minister as the Minister of Economic Policy and Planning for inaugurating the precise process for considering the proposed project as a strategic development project under the strategic development project act

Approval has also been granted to publish the gazette notification under section 3 (2) of the strategic development projects act No. 14 of 2008 precisely indicating the clearances / relieves to be awarded for strategic development projects. (NewsWire)