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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Krrish Group to pay govt. entire US$ 450mn by end Dec.

Krrish Group to pay govt. entire US$ 450mn by end Dec.

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Ravi Ladduwahetty

The Government will sign the agreement with India’s Krrish Group for a US$ 450 million seven star hotel, plus apartment complex spanning four 80 storeyed columns in the Colombo Fort on December 15.

According to the agreement, the full payment should be made within two weeks, Deputy Minister of Economic Development Lakshman Yapa Abeywardena told The Island Financial Review yesterday.

He said that a 10% slab of US$ 45 million has already been paid and the balance will be paid on December 31 or before which are in accordance with the agreement.

He said that the delay for the project to kick off was due to the dispute in relation to the land which was perceived to belong fully to the Urban Development Authority but investigations had revealed that the land partly belonged to the UDA as well as the Land Commissioners Department.

The Minister said that the issue had been sorted out with a special Cabinet memorandum which enabled the UDA to acquire the land fully under its aegis.

The Deputy Minister said that the government has intimated the investor that the issue was now sorted out and that they could arrive in Colombo to sign the agreements and proceed with the project.

He also refuted speculation that the project had been called off and that the investor had repatriated the funds to India.

He explained that what had effectively happened was the project kicking off was slightly delayed due to the dispute to the ownership of the land in Fort being settled.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=67404

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Dear Redbull .

What is this 450m Payment. Is it for the Land or for the total project. ?

complex ?

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The land is a 99 year lease for 5 billion LKR.

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Then 5b is close to US$ 38m. Then Y They pay US$ 450m ..................it says 45m is already paid and rest will be paid immediately. v

Why is that. Will the gov. do the construction .for sure it is not.
$ 400m for the building also a huge value since this is a 7 star i have no clue to predict the cost.

Any way my Question is Why Krish pay Additional $ 400m to the gov.
I think it is the total cost and not what gov. will get.

It is not " Krish pay Gov." instead it should be " Krish sigh an agreement of 450m with SL gov" ?????????????

Fresher


Moderator
Moderator
http://www.sundaytimes.lk/121111/news/krrish-has-paid-only-10-of-lease-for-prime-fort-property-admits-govt-20060.html


if this makes any sense...

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
yep it is good and cleared some of the doubt i had.

Thanks npp..............

Fresher


Moderator
Moderator
well then probably the island report (or the minister) is incorrect when it states
He said that a 10% slab of US$ 45 million has already been paid

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://www.krrishcolombo.com/

Wow ..........
What a web site u have....All the best Krrish...........

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