Sri Lanka's listed Sunshine Holdings said it was forming a joint venture with SilverNeedle hospitality of Singapore to build and manage hotels in a venture that could see up to 50 million dollars being invested.
Sunshine Holdings, which has interest in healthcare, plantations, packaging and power, will make the investment through its fully owned unit, Sunshine Travel and Tours, the firm said in a statement.
"The company has part of its hospitality foray has commenced operation of heritage bungalows under the brand Mandira," Sunshine Holdings said in a stock exchange filing.
"The company aims to offer (a) unique holiday experience through Mandira Bungalows, which will feature colonial style boutique living in several locations around the island.
"The company currently operates Mandira Strathdon Bungalow, Mandira Dickoya Bungalow and Mandira Craig Appin Bungalow."
Mandira has a meaning similar to mansion.
Sunshine group owns and manages tea estates in Sri Lanka's highlands which have bungalows or large houses, usually built by their founder British planters.
The firm said Singapore's SilverNeedle Hospitality is a part of Nadathur Fareast Pte Ltd, an investment company founded by N S Raghavan, a co-founder of Infosys, an Indian software firm.
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