Tata Group, IHCL’s parent company, is in talks with multi-national conglomerate Chaudhary Group to build a residential project in Colombo, according to the report. This project will probably come up on the same premises as hotel Taj Samudra and will have the Taj brand.
A person familiar with the development told the paper that the terms will be finalised in the first quarter of this year.
IHCL did not disclose the details of the plan. The company said: “We are always exploring and evaluating possible opportunities, in line with our group’s vision to showcase our iconic and legendary hospitality of IHCL.”
Kathmandu-based Chaudhary Group too did not respond to the paper’s queries.
According to the report, Chaudhary Group and IHCL jointly operate three luxury hotels under the Taj brand in Sri Lanka and the Maldives. Tata Group and CG jointly own over 10 acres of land in Colombo.
Chaudhary Group is also the maker of Wai Wai instant noodles.