News

Lotus Tower looking for investors

Published

2 years ago

May 28, 2023

editor

The Lotus Tower is looking for investors for its 44,000 square foot second floor after a rent agreement with a Singaporean company, backed by State Tourism Minister Diana Gamage, to set up a casino and entertainment area, lapsed with its conditions being unfulfilled.

A Singaporean firm named Kreate Design PTE forged a deal with the Lotus Tower Management Company (Pvt) Ltd (LTMC) last year for the sprawling floor in the tower base. The signing ceremony was attended by Minister Gamage and Arosha Fernando, Coordinating Secretary to the State Tourism Minister.

But three months into the agreement, its conditions–including that the company would secure the requisite casino licence–were not met. A month’s extension was granted on request but this, too, has expired, said Maj. Gen. (Rtd.) Prasad Samarasinghe, LTMC Chief Executive Officer and Director.

“The floor is now open for anybody and we will be floating a tender in this regard,” he said. Rent goes at Rs. 500 per square foot and Rs. 100 per square foot for common areas.

Minister Gamage had claimed that Kreate would open Sri Lanka’s “first foreign-funded casino and entertainment hub” at a total input of US$ 1bn over three years. She said business was introduced to Sri Lanka in late November by her and that it would be the largest investment for the country since the COVID-19 pandemic.

“All our plans are now ready to put into action as we will deliver what we have promised without any failure,” she was quoted as saying. The Singaporean company had reportedly tied up with a local firm through which it had applied for a casino licence.

Maj. Gen. Samarasinghe later confirmed that the company had signed a memorandum of understanding (MoU) for an annual rental of US$ 1.4mn. Under the 10-year agreement, LTMC was to have received a six-month refundable deposit and operations were to start last month.

LTMC has notified the parties that the MoU, along with the extension, lapsed on May 7. “We will be calling for proposals for a rent model and whoever wants to can bid,” Maj. Gen. Samarasinghe told the Sunday Times. “It doesn’t have to be just for a casino, it can be any model.”

Among the parties who inspected ii is an Omani investor who has previously expressed interest in UDA properties around Colombo; and an Indian investor who is also considering the casino option. The tender has not been advertised yet.

Considerable space in the Lotus Tower has already been rented out to food suppliers and others. And a deal is being hammered out for the management of the revolving restaurant, two banquet halls, six suites and kitchen.

There is a bungee jumping operator and a mega zip-line is also on the cards. All space on the dedicated technology floor is now filled, Maj. Gen. Samarasinghe said. More than 828,000 people –14,700 of them foreign tourists — have visited the tower so far.

(sundaytimes.lk)

BIZ

Adani denies cancellation of power purchase deal with SL

Published

10 hours ago

January 24, 2025

editor

India’s Adani Group has denied the cancellation of its $440 million power purchase deal with Sri Lanka, terming the reports as “false and misleading”.
The media statement notes that “the Sri Lankan Cabinet’s decision of 2 Jan 2025 to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government, to ensure that the terms align with their current priorities and energy policies.”

“Adani remains committed to investing $1 billion in Sri Lanka’s green energy sector, driving renewable energy and economic growth,” it adds.

The media statement comes after the AFP reported that the new Sri Lankan government has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption.

The deal had initially approved to purchase electricity at US$0.0826 per kilowatt hour from the proposed Adani wind power plant, which is to be built in the Northern region of Sri Lanka.

Several activists had challenged the agreement, arguing that smaller renewable projects were selling electricity at two-thirds the price of Adani, the AFP had further reported.
In addition, the project is also facing separate environmental concerns.

While President Dissanayake’s cabinet has revoked the 20-year deal power purchase deal signed in May 2024, it has not cancelled the project and has appointed a committee to review the project, the AFP reported, citing an official document and an energy ministry official.

News

Swiss govt. pledges support to reclaim SL assets held abroad

Published

11 hours ago

January 24, 2025

editor

The Ambassador of Switzerland to Sri Lanka and Ambassador designate to the Maldives, Dr. Siri Walt, has assured Switzerland’s support in recovering assets that have been moved out of Sri Lanka.

During discussions, Ambassador Walt provided guidance on the international measures required for reclaiming such assets and expressed Switzerland’s readiness to extend support whenever necessary by providing essential resources and assistance.

Ambassador Walt made these remarks during a meeting held today (Jan. 24) at the Presidential Secretariat with the Secretary to the President, Dr. Nandika Sanath Kumanayake.

The discussion also focused on utilizing Switzerland’s expertise and technical knowledge to assist Sri Lanka’s on-going anti-corruption initiatives. The Swiss government reiterated its commitment to providing technical and financial support for Sri Lanka’s priority programs, including the “Clean Sri Lanka” program.

The Ambassador additionally expressed Switzerland’s commitment to supporting Sri Lanka in addressing social challenges, promoting national reconciliation, and assisting with the development of the Northern region through necessary aid and resources.

The meeting was attended by Senior Additional Secretary to the President, Roshan Gamage.

(President’s Media Division)