Sunshine joins SilverNeedle Hospitality

Sunshine Holdings PLC yesterday announced that its subsidiary Sunshine Travels and Tours Ltd has entered into a joint venture agreement with Nadathur Fareast Pte Ltd's, affiliate SilverNeedle Hospitality Singapore, to develop and manage several new hotels in Sri Lanka.

This joint venture is expected to invest approximately US $ 50 million in a phased manner to develop, acquire and manage hotel assets in different parts of the country.

SilverNeedle Hospitality has been set up by Nadathur Fareast Pte. Ltd, an investment company founded by N S Raghavan, one of the co-founders of the Indian software giant Infosys (Nasdaq: INFY). SilverNeedle Hospitality, an integrated Asian hospitality company newly setup by the Nadathur Group is making investments across the hospitality sector; developing several of its own signature hotels and resorts; and is managing three, four and five star properties across Asia-Pacific.