Hon. Basil Rajapaksa, M.P. and the Minister of Economic Affairs, laid the foundation stone at the site earmarked for the construction of the Colombo Lotus Tower, a 350 meter multi - functional Telecommunication Tower and Entertainment Centre, which is based on a concept of His Excellency the President Mahinda Rajapakse, on January 20, 2012 in the presence of a distinguished gathering. It is being built under the auspices of the Telecommunication Regulatory Commission of Sri Lanka (TRCSL) and will be the tallest Tower in South Asia when completed.
Among the distinguished participants at the event were Hon. A. H. M. Fowzie, Senior Minister Urban Affairs,Hon. Keheliya Rambukwella, M.P. and the Minister of Mass Media and Information, Hon. Pavithra Wanniarachchi, Cabinet Minister Technology and Research, Hon. Geethanjana Gunawardena, Deputy Minister Finance & Planning, Mr. Lalith Weeratunga, Secretary to His Excellency the President and Chairman, TRCSL, Mr. Chen Xu, President, China National Electronics Import and Export Corporation (CEIEC), and Mr. Anusha Palpita, Director – General, TRCSL.
The site is located at the Beira Lake waterfront and alongside a part of the D R Wijewardene Mawatha, Colombo 10. A Chinese conglomerate comprising China National Electronics Import and Export Corporation (CEIEC) and Aerospace Long-March International Trade Co. Ltd (ALIT) will construct the Tower on a Turnkey Basis, using the concept and preliminary design drawn by local architects. The cost of the Project is US $ 104 .3 million. It is expected to be completed within a period of 30 months.