AirAsia and FitsAir Among Bidders for SriLankan Airlines: Acquisition Bidding Closes with Six Proposals

Six bidders, including AirAsia and FitsAir, have emerged for the acquisition of Sri Lanka's state-run carrier, SriLankan Airlines.
The move comes as Sri Lanka seeks to mitigate losses in government-owned enterprises under a $2.9 billion IMF program. AirAsia Consulting and FitsAir are among the contenders, alongside local entities like Dharshaan Elite Investment Holding and Hayleys PLC.
The bidding process, initiated in October 2023, closed on April 22, 2024, with six proposals received.
Evaluation will adhere to special guidelines approved by the Cabinet of Ministers in July 2023, with the International Finance Corporation serving as transaction advisors.