LOLC buys ExcelWorld

Shirajiv SIRIMANE

The diversified blue chip conglomerate, LOLC announced the takeover of Sri Lanka’s biggest entertainment centre Excel World last Friday.

LOLC Chairperson Rohini Nanayakkkara said they are looking at developing ExcelWorld at T.B. Jayah Mawatha in Maradana as a fully pledged entertainment park to international standards.

“This would also include the building of a city hotel,” she said.

The LOLC Group acquired the property from Excel Global Holdings (Pvt) Ltd, an Indian business group led by Chairman Francis Chokatte and family who operated the place under the name ‘ExcelWorld.’

She said the investment for Excel World takeover came from the recently held IPO which was oversubscribed four times.

She said the close proximity of the property to the Browns headquarters on the opposite side was also one of the key attractions in this property.

Sources say that the deal was sealed for Rs one billion.

One of the prominent tourist destinations of Colombo, Excel World offers visitors an opportunity to enjoy the unique four dimensional simulation ride along with the other joy rides of the park and also with a food court and a children’s play area.