Business
Nepalese billionaire Binod Chaudhary reiterates trust and confidence in Sri Lanka despite turbulence
Colombo Sri Lanka:
When Nepalese billionaire Binod Chaudhary first made a significant investment in 2001 in the iconic Taj Samudra Colombo through a joint venture with Indian Hotels Corporation Limited (IHCL), it was in the middle of Sri Lanka’s debilitating war. While other investors were unwilling to consider any investment, Chaudhary saw opportunity in the war-torn country, a gesture appreciated not just by the government at the time, but the industry at large. This investment was also Chaudhary’s first ever foray into the hospitality industry, which today has a partnership with IHCL across 11 properties in 06 countries.”At this moment, Sri Lanka is going through very tough times and struggling to mobilise foreign funds and investments even through the IMF,” deduces Chaudhary. “Banks are under tremendous pressure as are the borrowers.
And yet again despite all these economic setbacks, we have decided to take a plunge into Sri Lanka. We know it’s going to be tough, but that’s the extent of confidence and our deep-rooted close ties with Sri Lanka,” he said of his investment into the eighth largest listed bank in Sri Lanka.
Chaudhary, who has been featured in the Forbes Billionaire’s Rich List since 2013 has a long-standing friendship with Sri Lanka. The initial foray into the Taj Samudra led Chaudhary to invest in twelve other properties in partnership with Jetwing Hotels Group and Ceylon Hotels Corporation. With the acquisition of the majority shares in UBC, the Group makes its maiden foray into the financial services industry in Sri Lanka. CG is also the largest shareholder in Nabil Bank, which is currently the largest bank in Nepal’s private sector, post its recent acquisition of Nepal Bangladesh Bank.
The acquisition of 70.84% shares in UBC is via CG Capital Partners, a private equity company incorporated in Singapore under the umbrella of CG Corp Global. When the transaction was announced to the Colombo Stock Exchange on the 1st of December 2022, the Bank’s share gained 13.3% to close at LKR 8.50. UBC is among Sri Lanka’s twelve listed banks with a market capitalization of LKR 9.1 billion.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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