A Japanese consortium in partnership with Sri Lankan business tycoon Harry Jayawardena is likely to buy a 49% stake in SriLankan Airlines, Sri Lanka's cash-strapped national carrier. 

The Japanese consortium consists of All Nippon Airways Co., Ltd. (ANA), he largest airline in Japan and Japan Airlines (JAL) , the  country's second largest. 

Informed government sources said the Japanese group partnered with Jayawardena is now the front-runner for the deal. 

Their mission is to transform the SriLankan Airlines into a financially viable business entity while the government controls 51% share of the company.

The Japanese group has already held a discussion with Prime Minister Ranil Wickremesinghe and other key state authorities. 

"The discussion was positive. They seem to have a viable plan to resurrect the airline which has been driven to the ground over the past few years," a highly placed government source said, on Monday. 

Harry Jayawardena has served as the Chairman of SrLankan Airlines when the national carrier was a profitable entity.