India concerned over Acquisition Act

19 Nov 2011 - {{hitsCtrl.values.hits}}

India is concerned over the enactment of the expropriation Act introduced by the Sri Lankan government because some Indian companies have also been listed for acquisition under this Act, informed sources said yesterday.

They said India was studying the provisions of the Act to determine how it would impact on Indian investments in Sri Lanka.

The sources said a few Indian companies registered with the Board of Investment (BoI) had been listed as underutilized assets to be acquired under the new law titled, ‘the Revival of Underperforming Enterprises and Underutilized Assets’.

An aggrieved Indian investor -- involved in the export of Wanaspathi oil and holding a BoI guarantee as a foreign investor -- has already requested the Indian High Commission to prevail upon the Sri Lankan government in this regard.

India is the largest contributor of foreign direct investment to Sri Lanka. Of the US$560 million in terms of foreign direct investment received last year 20 per cent was from India.

Lanka Indian Oil Company is one of the largest Indian investments in Sri Lanka. (By Kelum Bandara)

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India concerned over Acquisition Act

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