Colombo Marina Development designated as primary venture with strategic development

Browns Investments’ Colombo Marina Development (Private) Limited venture has been designated as a primary venture with a strategic development in order to become eligible for a series of exemptions or incentives under the provisions of Colombo Port City Economic Commission Act.

President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion on Monday sought the approval of the Cabinet of Ministers to nominate Colombo Marina Development (Private) Limited as a primary venture with a strategic development as per provisions of the Colombo Port City Economic Commission Act No. 11 of 2021 and to award releases or encouragement relevant to the venture. 

Accordingly, Colombo Marina Development (Private) Limited is set to qualify for a series of benefits as per the guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance - Regulations, No. 2 of 2023.

Browns Investment Private Company, a unit of LOLC Group holds the sole authority of the venture. The venture secured four plots of lands within the Colombo Port City area for the ‘Recreation Port’ (Marina) development project.

“This project has created a capitulary with a full capacity of harbouring facility for 243 marine vessels, clubs for guests, food, retail outlets, recreation areas, space for ceremonies / parties and parking space,” the Government Information Department noted.