WELCOMHOTELS LANKA(PRIVATE) LIMITED, SRILANKA a wholly-owned subsidiary of ITC Ltd., India, was incorporated in Sri Lanka with the objective of constructing, building and operating a mixed use development project ('Project') including a luxury hotel at Colombo. The Board of Investment of Sri Lanka has provided about 5.86 acres of prime sea-facing land in Colombo to the company on a 99-year lease for this purpose.