Kerala-based Muthoot Pappachan Group now plans to set up a property in Sri Lanka. The group, best known for its gold financing business, is in the midst of zeroing in on a location for a business hotel in the island nation, which attracted 8.5 lakh tourists in 2011, clocking in earnings of $800 million. 

While the group, led by Thomas John Muthoot, will invest towards the land and development of the property, it intends to offer the management of the hotel to an international hospitality chain. Currently its various hotels in India are managed by Taj and Hilton groups. If things go as planned, Sri Lanka will be the stepping stone for the group's international expansion plan.