Economic Development Minister Basil Rajapaksa laid the foundation stone for the construction of the multi-functional Telecommunication Tower and an Entertainment Centre which will cost over US $ 100 million.

The proposed tower will be constructed on 3.06 hectares of land situated between the Eastern Beira Lake and D.R. Wijewardene Mawatha in Colombo.

The construction of the Lotus Tower is to be completed in 30 months. This is a 350-metre free-standing tower and the Telecommunication Regulatory Commission is to finance and implement this project with technical assistance provided by the Architecture Faculty, Moratuwa University.

The tower will provide telecommunication and leisure activities, and will facilitate the relaying of at least 50 separate broadcasting and telecasting services.