IVRCL Assets & Holdings Ltd (IVRCL A&H) has announced that the company was recently awarded a project for “construction of housing for relocation of underserved settlements in the city of Colombo” by the Urban Development Authority, Government of Sri Lanka.
The $330-million (about Rs 1,485 crore) project relates to design and construction of 15,000 housing units in Colombo.
The company has received an order for the Phase One of the housing project for construction of 4,100 housing units valued at $90 million (about Rs 405 crore).
The Government of Sri Lanka is making arrangements for the requisite land in and around Colombo, the company informed.
This project is slated to be completed within 36 months from the date of commencement of construction. The payment is backed by a bank guarantee arranged by the Sri Lanka Government through the Bank of Ceylon.