One of the City’s major landmarks is to be given to an Indian company for development on a 99-year lease for more than Rs 4.9 billion.
The land encompasses the Transworks House, a colonial building that once housed the former Public Works Department (PWD). The building is documented as a place of archaeological value.
A recommendation by President Mahinda Rajapaksa for this deal has been endorsed by the cabinet. It will see the local subsidiary of Krrish Group with its registered offices in New Delhi undertaking a “mixed development project” with the construction of a high rise “Transworks Tower.”