Business
Industrial Asphalts embarks on ambitious expansion plan
A pioneer in the bitumen business in Sri Lanka and established in 1964, Industrial Asphalts (Ceylon) PLC, a listed company, is going through a capital-raising exercise with the announcement of a rights issue. The company foresees rapid investment in infrastructure on the back of the government’s development initiatives. The infrastructure sector in general and roads sector in particular will be experiencing significantly higher growth rates from 2021 to 2025, an IAC press release said.
The release adds –
‘The company from the inception also embarked on introducing highly successful bituminous products for the paints and coatings industry. IAC is the proud owner of some of the most iconic brands including NOLEAK and Britex amongst others. The portoflio brands and products have been serving the IAC’s customers for now close to 60 years. These brands popularity and brand strength can be measured by the fact that it has achieved a status of generic reference to the functionality of the brands denoted.
‘ The extensive development of the roads is the primary thrust through which the country’s infrastructure is being developed. The roads themselves are developed through multiple levels, providing more consistent growth in IAC’s products relating to the road construction and insulating from uncertainties stemming from funding issues and lockdowns introduced due to counter measures to combat COVID19.
‘From 2015, the company embarked on a process of registering its iconic brands with the National Intellectual Property Office. Today, the company has successfully registered all its brands under multiple classes to get complete legal protection from various infringements of the brands. IAC is currently expanding its product offering under its brands to include Nano-technology in addition to polymer and acrylic products.
‘The complete range of product offering under its existing brands along with a new product promotion campaign is expected to recapture its market share in the protective coatings space in the paints and coatings industry. IAC is leveraging on the existing strength of its portfolio of brands to expand the market through new and innovitve uses for its productions.
‘IAC is currently going through an expansionary process to increase its operating capability by strengthening its balance sheet. The decline in the economy experienced during 2015 to 2019 is now being met with progressive policies which are reflected in the infrastructure development projects planned and executed currently.
‘The significant increase in such projects has motivated the Board of Industrial Asphalts (Ceylon) PLC to announce the rights issue with an objective of strengthening its balance sheet. A stronger balance sheet would enable IAC to capture the emerging opportunities in both road construction space and the protective coatings segment. The rights issue is well priced at 20 cents per share enabling wide range of investors to take the opportunity to invest in the growth of the Company. For any further clarifications on the rights issue, please contact 0115 289 845 / 0779 267 601.’
Business
Sri Lanka eyes India grid link as ADB pushes Pan-Asia energy integration
Sri Lanka’s long-discussed electricity grid connection with India is gaining renewed momentum, as the Asian Development Bank (ADB) intensifies efforts to promote cross-border energy integration across the region.
At the ADB Annual Meetings in Samarkand, Senior Director for Energy, Priyantha Wijayatunga, identified the proposed India–Sri Lanka grid interconnection as the most promising avenue to strengthen the island’s power sector. The concept dates back to the 1970s, when Sri Lanka, following the completion of the Mahaweli Development Project, even explored the possibility of exporting electricity. However, rapid economic growth and rising domestic demand shifted the country toward energy imports.
Today, with energy security and cost pressures mounting, the idea has regained urgency. “The time is right,” Wijayatunga said, stressing that political will and financing will be decisive. While undersea transmission cables make the link technically viable, costs remain a major challenge. The ADB, he confirmed, stands ready to support Sri Lanka as a development partner in advancing the project.
Sri Lanka’s prospects are closely tied to a broader regional vision being advanced by the ADB through its Pan-Asia Power Grid Initiative (PAGI). The initiative aims to transform how energy is produced, shared, and consumed across Asia and the Pacific by promoting cross-border electricity trade and grid connectivity.
PAGI is designed not merely as a collection of projects, but as a systems-level integration platform that connects national grids into subregional and eventually continent-wide networks. Its core objectives include bridging energy gaps, enhancing energy security, integrating large-scale renewable energy, and strengthening resilience across interconnected systems.
A key pillar of PAGI is leveraging the region’s resource complementarity. Countries in South Asia, for instance, possess uneven but highly complementary energy resources—hydropower in Nepal and Bhutan, and solar and wind potential in India. By linking grids, countries like Sri Lanka could tap into these diverse energy sources, reducing dependence on costly fossil fuel imports while improving reliability.
ADB estimates suggest that deeper regional power trade in South Asia could yield substantial economic benefits, including lower system costs and more efficient energy distribution. The initiative also envisions mobilizing up to $50 billion in investments by 2035, expanding transmission infrastructure, and improving electricity access for millions.
For Sri Lanka, integration into such a regional grid could be transformative. A connection with India would allow the country to import affordable electricity during shortages, stabilize supply, and support its transition toward cleaner energy. It could also open the door to future participation in a wider South Asian power market.
With feasibility studies and policy discussions already underway, and with ADB backing firmly in place, Sri Lanka’s long-envisioned grid connection with India now appears more achievable than ever.
As the Samarkand meetings underscore the urgency of regional cooperation in an increasingly uncertain energy landscape, Sri Lanka stands at the threshold of a new chapter—one where energy security is strengthened not in isolation, but through connection.
by Sanath Nanayakkare in Samarkand, Uzbekistan
Business
Oceans in crisis: Sri Lanka hosts ‘Sharks International 2026’ amid stark warnings
Sri Lanka this week finds itself at the centre of a deepening global ocean crisis, as leading scientists, policymakers and conservationists gather in Colombo for Sharks International 2026—a high-profile summit unfolding against mounting evidence that the world is rapidly losing control of its marine ecosystems.
The conference, now underway at the Bandaranaike Memorial International Conference Hall, marks the first time the prestigious forum has been hosted in Sri Lanka. But beneath the diplomatic language and scientific exchanges lies a far more urgent reality: the collapse of shark and ray populations is no longer a distant environmental concern—it is an unfolding economic and food security emergency.
More than 100 million sharks and rays are being wiped out globally each year, largely due to overfishing and illegal, unreported and unregulated (IUU) fishing. In Sri Lanka, the situation is particularly acute. Of the 105 species recorded in local waters, nearly 70 are now threatened with extinction, a statistic that scientists warn should set off alarm bells far beyond conservation circles.
Deputy Minister of Environment Anton Jayakody did not mince words when addressing the gathering, framing the issue not just as an ecological tragedy but as a looming economic shock.
“This is not just about saving species. It is about protecting the foundation of our fisheries, our food systems, and the livelihoods of thousands of Sri Lankans. If shark and ray populations collapse, the consequences will ripple through the entire marine economy,” he said.
Sharks and rays sit at the top of the ocean food chain. Their disappearance disrupts the delicate balance of marine ecosystems, triggering cascading effects that can decimate commercially valuable fish stocks. For a country like Sri Lanka—where coastal communities depend heavily on fisheries—this is not an abstract threat but a direct challenge to economic stability.
Yet despite years of warnings, critics argue that global action has been dangerously slow, fragmented, and often undermined by competing commercial interests.
By Ifham Nizam
Business
SriLankan Airlines leads with two category wins in South Asia at PAX Awards
SriLankan Airlines led with two wins in the Airline Award category for South Asia, securing both Best Overall Passenger Experience and Most Improved Airline at the PAX International Readership Awards 2026 held recently in Hamburg, Germany. The awards celebrate the industry’s best and brightest, with winners determined by votes from PAX’s global readership.
The Best Overall Passenger Experience – South Asia award recognises an airline that delivers an exceptional onboard experience to passengers across multiple service areas, including meal service, inflight entertainment and seating. At SriLankan Airlines, this entails meticulous planning at every stage of the passenger journey, supported by collaboration among multiple teams and continuous monitoring and refinement.
Maria Sathasivam, Manager Product Development of SriLankan Airlines, commented on the achievement, stating, “we are incredibly honoured to receive yet another independent endorsement of the service we deliver. Every interaction matters to us, and we are committed to consistently meeting and exceeding passenger expectations, and it is truly rewarding to see these efforts recognised.”
SriLankan Airlines continues to enhance the end-to-end travel experience, from booking through to arrival. Ongoing digital upgrades, including improvements to the airline’s website and app, are designed to deliver a more intuitive and seamless customer experience, supported by AI-driven features and expanded ancillary offerings. At its hub, the Bandaranaike International Airport in Colombo, the airline has also expanded self-check-in and bag drop facilities for added convenience.
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