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Three contenders shortlisted for acquisition of ailing SriLankan Airlines

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Sri Lanka’s Hayleys PLC makes the shortlist

Strong international partner from Qatar is also in the ring

By Sanath Nanayakkare

The Cabinet of Ministers has announced a significant advancement in the privatisation process of Sri Lankan Airlines, a press release issued by Kanchana Kodituwakku, Director-Group Communications at Supreme Global Holdings indicates.

The press release indicates that the Cabinet has narrowed down the field of potential acquirers to three contenders from the initial six bidders. They are namely; Sherisha/Supreme Global Consortium, Air Asia Consulting and Hayleys PLC.

According to the press release, Sherisha/Supreme Global Consortium is a ‘strong’ alliance between Supreme Global Holdings and Sherisha Technologies Pvt Ltd, with substantial backing from MBS Investments, the investment arm of the private office of Sheikh Nayef Bin Eid Al Thani of Qatar.

The shortlisting marks a pivotal step towards the revitalization of the ailing airline as many had argued that SriLankan Airlines wouldn’t get a credible buyer in the foreseeable future as it was not attractive to any aviation investors.

Brief accounts of the three companies shortlisted to further engage in the acquisition process are as follows.

Sherisha/Supreme Global Consortium: This consortium is an alliance between Supreme Global Holdings and SHERISHA TECHNOLOGIES PRIVATE LIMITED, with substantial backing from MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar. Supreme Global Holdings, led by R.M. Manivannan, is known for its substantial contributions to Sri Lanka’s economic stability, including extending of credit during the recent energy crisis. The consortium’s strategic and financial potential is aimed at redefining the future trajectory of Sri Lankan Airlines, enhancing its international competitiveness.

Air Asia Consulting: A well-established name in aviation consulting, known for its expertise in airline operations, strategic planning, and turnaround strategies. Their involvement suggests a focus on operational efficiencies and expansion into new markets, promising a fresh perspective on the management and growth of Sri Lankan Airlines.

Hayleys PLC: One of Sri Lanka’s largest diversified conglomerates, with interests spanning from agriculture to transportation and logistics. Their inclusion in the shortlist brings a deep understanding of the local business landscape potentially enhancing the operational logistics and domestic connectivity of the airline.

The engagement with these shortlisted entities will be aimed at accelerating the privatization process, ensuring that the future of Sri Lankan Airlines aligns with strategic, financial, and operational enhancements. This initiative is part of a broader effort to stabilize and grow one of Sri Lanka’s most vital economic assets.

The Cabinet’s decision reflects a commitment to a transparent and strategic approach to privatization, ensuring the best possible outcome for the airline and its stakeholders. As the process moves forward, the implications for regional cooperation, particularly in light of the involvement of international partners like Qatar, indicate a promising horizon for Sri Lankan Airlines and its role in South Asian aviation,” Supreme Global Holdings stated.



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Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market

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T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL)

By Sanath Nanayakkare

Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.

Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.

He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.

“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.

Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.

Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.

Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.

Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.

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SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline

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SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.

Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.

Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”

Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.

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JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50

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Gamika de Silva, Group Chief Marketing Officer at JXG

JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.

As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.

JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.

Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.

Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”

JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.

As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.

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