Business

‘Adani Group’s foray into SL blending profit-taking with regional dominance’

Published

1 year ago

2025/01/24

By Ifham Nizam

The Adani Group’s foray into Sri Lanka’s renewable energy sector has ignited significant debate, blending environmental, economic, and geopolitical narratives. Some of the Group’s projects in South Asia are seen by critics as combining profit-making with regional dominance, environmental scientist Hemantha Withanage said.

Withanage was speaking to The Island Financial Review, after launching a report titled, ‘Neither Clean, Nor Green’, on three cross border energy projects in South Asia.

Withanage, a prominent environmentalist and Executive Director of the Centre for Environmental Justice, shed light on the broader implications of Adani’s presence. “These projects are not just about renewable energy; they are part of a larger strategy that prioritizes business interests while undermining local sovereignty and environmental ethics, he said.

Withanage added: “Adani’s USD 442 million renewable energy project in Sri Lanka positions the conglomerate as a dominant player in South Asia’s energy transition. By leveraging its ties with Indian policymakers and exploiting Sri Lanka’s energy crisis, Adani has effectively gained a foothold in the island nation.

“For Sri Lanka, still recovering from economic turmoil, the deal represents a potential lifeline. However, questions remain about whether this partnership offers a genuine win-win scenario or is a calculated maneuver to secure strategic advantages. This is more than just business; it’s a calculated approach to embed influence in Sri Lanka’s critical infrastructure.

“Despite the high economic stakes, the lack of transparency surrounding the deal raises red flags.

“Reports suggest that the project moved forward without adequate consultation with local communities or comprehensive environmental assessments. Critics warn that bypassing due diligence could set a dangerous precedent.

“From a business standpoint, this opacity may work in Adani’s favor by expediting project timelines and reducing initial costs. However, it risks alienating local stakeholders, potentially undermining long-term sustainability.

“While renewable energy represents a lucrative growth area, Adani’s Sri Lankan venture highlights the thin line between opportunity and exploitation. Disrupting ecosystems to accommodate large-scale energy plants could lead to reputational damage, both locally and internationally.

“With this project, Adani positions itself as a leader in green energy while sidelining fundamental sustainability principles. The balance between economic returns and environmental responsibility will ultimately shape the legacy of this venture.

“Adani’s strategy exemplifies how businesses can influence emerging markets under the guise of sustainability. For Sri Lanka, the challenge lies in ensuring that such partnerships genuinely benefit its economy, preserve sovereignty, and adhere to environmental safeguards.”

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Business

SLT-MOBITEL turnaround signals new era for SOEs, says deputy minister

Published

2 hours ago

2026/03/30

Thilina Walpola

The panel discussion led by Deputy Minister of Digital Economy Eng. Eranga Weeraratne (centre) with SLT MOBITEL’s top management Pic by Nishan S. Priyantha

The era of privatising loss-making state-owned enterprises may be drawing to a close, with SLT-MOBITEL emerging as proof that strategic management can deliver profitability without a change in ownership, Deputy Minister of Digital Economy Eng. Eranga Weeraratne said.

“There was a massive public outcry asking the previous governments to sell the loss-making state-owned enterprises. Now it is not there as it was used to be heard,” Weeraratne said. “SLT-MOBITEL has proven that the proper management strategy can turn any loss-making SOE into profit. Gone are the days we heard ‘sell, sell, sell’.”

The remarks came as Sri Lanka’s national ICT provider reported a decisive financial turnaround in FY 2025, driven by disciplined cost management, operational efficiency, and steady growth across fixed and mobile businesses.

The company has simultaneously rolled out a pioneering 24/7 operational model – the industry’s first – with 14 Outside Plant Maintenance Centres operating round-the-clock in metro areas, Kandy, and Jaffna to ensure uninterrupted connectivity.

“Our strong financial results reflect the resilience of SLT-MOBITEL and the trust customers place in us,” said Dr. Mothilal de Silva, Chairman, SLT Group. “With the roll-out of the 24/7 OPMC operations, we are raising the bar for service reliability.”

SLT-MOBITEL has also made 5G publicly available in Sri Lanka and continues to support the Ministry of Digital Economy with secure data centre infrastructure, reinforcing its role as a catalyst of national development.

By Sanath Nanayakkare

Business

Kia Tasman arrives in Sri Lanka: A pickup built for work and comfort

Published

2 hours ago

2026/03/30

Thilina Walpola

Kia Motors Lanka has launched the all-new Kia Tasman, the brand’s first-ever pickup truck – engineered to redefine the double cab segment by combining rugged capability with SUV-like refinement.

Built on a robust body-on-frame platform, the Tasman offers best-in-class strength with a payload capacity of 1,151kg, towing up to 3,500kg, and water wading up to 800mm. Advanced 4WD systems and terrain modes ensure unmatched off-road performance.

Inside, the cabin surprises with best-in-class rear legroom, sliding and reclining rear seats – a segment-first – and a panoramic display with premium Harman Kardon sound.

“This is a vehicle conceived without compromise,” said Kia Motors Lanka Chairman Mahen Thambiah. “For customers who demand durability, capability, and everyday comfort, the Tasman delivers on every front.”

Business

Chief Risk Officers rise globally to drive smarter risk-taking while Sri Lanka’s boardrooms remain silent

Published

2 hours ago

2026/03/30

Thilina Walpola

As geopolitical tensions, economic volatility, and technological disruption reshape global markets, the Chief Risk Officer (CRO) is emerging as a strategic pillar in boardrooms worldwide. In Sri Lanka, however, the role remains largely absent.

Once confined to major banks, the CRO is now gaining traction across industries including finance, logistics, technology, and manufacturing. According to the 2025 Global Risk Survey by EY, nearly 78% of organisations now place risk management at the heart of strategic planning, signalling a shift from reactive crisis management to proactive risk leadership.

The CRO is tasked with identifying and preparing for threats to financial stability, operations, reputation, and compliance – ranging from cyberattacks and supply-chain disruptions to regulatory shifts and climate risks. “The CRO is no longer just the person who says ‘no’ to risky decisions,” a Singaporean banking executive said. “Today, the CRO helps companies take smarter risks and build resilience.”

The role’s growing importance will be highlighted at the upcoming Chief Risk Officer Conference (20–21 May 2026 in Singapore), organised by the Asian Bankers Association in partnership with Trueventus. Key topics include AI-driven risk modelling, geopolitical shocks, and ESG integration.

For Sri Lankan firms where risk functions are often distributed across finance, compliance, and audit – the rise of the CRO offers a clear signal. As an Indian risk consultant noted, “Companies today don’t just compete on profits. They compete on how well they manage uncertainty.”

By Sanath Nanayakkare