RPP Infra withdraws from Sri Lanka Legend 96 residential project
RPPINFRA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
RPP Infra is withdrawing its subsidiary from the Legend 96 residential project in Sri Lanka, where it was to act as Joint Developer with Wills Realtors. The project, formally agreed in January 2025, faced delays in regulatory approvals, difficulties arranging financing from Indian banks, and disagreements over using project land as security and proposed changes to the revenue-sharing arrangement. The company is seeking to recover initial expenditure on assignment fees and development rights. RPP Infra states the withdrawal will not materially impact ongoing operations.
Exits a non-core overseas project; management says no material impact on operations, though recovery of initial expenses remains pending.