India's engineering and construction conglomerate Larsen and Toubro Ltd (L&T) is to build Sri Lanka's tallest building - the 59-storey and 246 metre high Diamond Tower in Colombo.
A joint venture between L&T and the Sri Lankan public sector National Housing Development Authority, Diamond Tower will be completed by May 2011, the state-owned Daily News reported Friday.
The $150-million complex to be built over an area of 1.5 million square feet will be a virtual township with luxury apartments, service apartments, commercial space and parking lots. It will be the first of its kind in Sri Lanka, the newspaper said.
Indian firms have recently entered Sri Lanka's private construction market. They are building high-rise, high-end residential complexes in Colombo.