RPP Infra Withdraws from Sri Lanka 'Legend 96' Project

RPP Infra Projects Ltd's subsidiary, RPP Infra Projects (Lanka) Limited, has decided to withdraw from the "Legend 96" residential project in Sri Lanka. The decision follows significant delays in obtaining necessary regulatory approvals and challenges in securing project financing through Indian banks due to prevailing conditions in Sri Lanka. Further complications arose as the primary developer, Wills Realtors, was unwilling to offer the project land as security for local financing, and proposed changes to the agreed revenue-sharing arrangement. Deeming continued participation commercially and financially unfeasible, RPP Infra communicated its intention to terminate the Development and Financing Agreement on October 7, 2026. The company is seeking recovery of initial expenditures and expects no material adverse impact on its ongoing operations.