July 13, 2024

SriLankan Airlines : Qatari and Indian Consortium for Majority Stake

A consortium of Qatari and Indian investors, including MBS Investments and Sherisha Technologies, is bidding for a majority stake in SriLankan Airlines, joining a competitive field of interested parties.

Image Source: Aero Time

A consortium featuring Qatari and Indian investors is vying for a majority stake in SriLankan Airlines, according to Colombo’s Daily FT. The group includes MBS Investments, the investment arm of Sheikh Nayef Bin Eid Al Thani’s private office, Sri Lanka’s Supreme Global Holdings, and India’s Sherisha Technologies Ltd., formerly known as SunEdison Energy India Ltd.

SriLankan Airlines, currently 99.52% owned by the Sri Lankan government, is undergoing a sale process for a controlling stake. The request for qualification (RfQ) period ended in April, drawing interest from several prominent bidders. Supreme’s bid was highlighted previously in a filing by MMAG Aviation Consortium Bursa Malaysia, which revealed plans to operate a feeder cargo network if Supreme succeeds in acquiring the airline.

Image Source: AirInsight.Com

Sheikh Nayef Bin Eid Al Thani, a member of Qatar’s ruling Thani family, has a diverse investment portfolio through his private office. On his website, he mentions investing to “accelerate the growth of companies.” Reports suggest that Sherisha Technologies’ involvement in the bid is backed by the Indian government. Sherisha, established in 2010, is a well-capitalized company with a paid-up capital of INR1.49 billion (USD17.9 million) and eight active directors.

Other interested parties in the RfQ for SriLankan Airlines include Hayleys Plc., FitsAir, Air Asia Consulting, Dharshaan Elite Investment Holding Ltd., and Treasure Republic Guardians Ltd. This competitive field highlights the strategic importance of SriLankan Airlines in the region.

The sale of SriLankan Airlines represents a significant opportunity for the winning consortium to expand its influence in the South Asian aviation market, leveraging the airline’s strategic position and existing infrastructure to drive growth and development.

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