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 Post subject: 12.6 billion rupee Skyscraper project in Colombo
 Post Posted: Wed Nov 08, 2006 4:37 pm 
Two Indian private conglomerate to build condominium in Colombo

One of the tallest buildings on the island and the most eye-catching addition to the Colombo skyline is tipped to soar to some 472 feet over Colombo’s coastline.

@ LBO / November 8, 2006

November 8, 2006 (LBO) – Two of India’s privately owned business conglomerates, RJ Corp and Bestech India have teamed up to build a high rise luxury condominium in Colombo, officials said Wednesday.

The 12.6 billion rupee project carried out through the new joint venture company, Accor Developers (Pvt) Ltd, is tipped to soar to some 472 feet over Colombo’s coastline.

The RJ Corp derives its identity from its head Ravi K. Jaipuria, while Bestech India, is the builder of some of India's most famous condominiums, hotels and commercial complexes.

"We are very excited about the project in Sri Lanka," said Ravi Jaipuria commenting on the real estate development that will stand as a symbol of the Group's investments in Sri Lanka and is expected to be the first of similar ventures in this country. "It will represent the pinnacle of high-rise construction in a market where omnibus apartment complexes are taking shape.'

Details and visuals of the distinctive prime location high-rise on the sea side of the Galle Road in Colombo 3 are to be unveiled shortly; giving Sri Lankans the first view of what would be one of the tallest buildings on the island and the most eye-catching addition to the Colombo skyline.

“This investment brings to Sri Lanka the best mix of entrepreneurship, construction expertise and understanding of market needs available in the South Asian region through the promoters of the project," Arun Mehra, CEO of Accor Developers said. “The credentials of RJ Corp and Bestech can be seen in some of the most successful businesses and projects across India."

The RJ Corp, India's leading franchisee in branded food and beverages, is represented in the joint venture through Devyani International, the 4 billion rupee turnover group company that owns the franchise for Pizza Hut, KFC and Costa Coffee in India and Varun Beverages Ltd, the 10 billion rupee turnover company which is the Pepsi franchisee.

The RJ Corp, which began operations in 1991, has over the last ten years grown exponentially, diversifying into fast foods, real estate, hotels, education, ice cream and dairy products and hydrogenated oil. Group turnover is projected to grow four-fold over the next four years to 112.5 billion rupees by 2010.

Construction firm Bestech India (Pvt.) Ltd., led by Dharmendra Bhandari and Sunil Satija. Bestech has undertaken prestigious projects all across India, with the value of construction projects completed over the past five years exceeding 5,473 million rupees.


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