Browns Investments Limited (BIL) is set to further imprint on Sri Lanka’s coastal areas by investing in three mega projects after wrapping up international tea company purchases.
BIL, the LOLC Group’s strategic investment arm, has via its subsidiary Colombo Marina Development Ltd. fully paid US$ 55 million for 30,776 square metres of land for the Colombo Marina Development back in 2021. Top officials of the company told The Travel Voice that the company will be starting Marina Harbour with China Harbour Engineering Company Ltd (CHEC) at a $150 million total construction cost and will be completed within two years. He further added that the Marina Hotel would also be constructed simultaneously, with an investment of $75 million.
Marina Hotel Holdings Ltd $17 million was paid initially for the Port City Marina Hotel Development on a 12,006 square metre land plot in 2020.
The Marina can dock 243 yachts. There will be an entertainment area, retail, restaurant, and banquet facilities. The 360-room 5-star Riverina Hotel will also start construction in the final phase in March next year, the official added. “The cost for this project is $31 million.” It will be completed in two years, he said.
The BIL has ambitious plans to invest in Central Asian countries mostly in financial services, the official further noted.
BIL completed the acquisition of Lipton tea company in Tanzania through its wholly owned subsidiary, B Commodities ME FZE, incorporated in the UAE over a week ago. BIL had entered into a sales and purchase agreement (SPA) with Ekaterra Holdco UK Limited, Netherlands-based Ekaterra Group Holdings BV, and Ekaterra Group Holdings 2 BV, to buy control of the Africa firms, Browns said in May.
