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11 July, 2013 10:15 AM Source: Reuters

Sri Lanka's biggest conglomerate, John Keells Holdings, plans to build a luxury resort worth more than $650 million that will include hotels, shops and apartments, the company said on Wednesday.

Keells, the heavyweight of the $17.65 billion Colombo Stock Exchange with a $1.61 billion market capitalisation, said in a disclosure to the bourse that it had submitted the plans to the government.

"The board of directors has approved the project, in principle, subject to shareholders approval," Keells said.

The company plans to enter an agreement with the island nation's Board of Investment to help secure the necessary planning permission.

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