Srilankan Airlines Carrier

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TPG withdraws from SriLankan Airlines bidding discussions - Lufthansa CEO

As part of a wider effort to scale back its stakes in state-owned enterprises and scale back its debts, Sri Lanka has attempted to divest its non-controlling interest in the carrier together with managerial controls. "It is their view that providing the personnel and funding to make the carrier viable will not generate adequate return on investments in comparison to the many other options available to them," he said.

TPG, Peace Air, Sri Lanka-based, and a Maldives corporation were short-listed by some nine bidders for the 49 per cent share, among them the US mutual fund investor BlackRock Inc. In July, the goverment had launched tenders and anticipated that the reorganisation would be completed by the end of 2016, but in February it said that the offers of the three shortlisted firms were too low.

Slides also said that the administration is looking at other ways to find a business associate, and the carrier should pursue the way to improve its overall economic and operating efficiency. Meanwhile, the domestic carrier is battling huge debts and has agreed to resell four new Airbus A350s after canceling an order for four of the planes.

The SriLankan Airlines was a viable partnership with the golf carrier Emirates for a ten-year period until the couple separated in 2008. According to Prime Minister Ranil Wickremesinghe, the airlines subsequently abandoned their economic deficit with debts of around 3.25 billion dollars. The SriLankan Airlines has attracted a number of flight destinations to India and industry experts have said that prospective buyers may be attracted by the prospects of turning over the company, which has about 21 Airbus aircraft under lease.

As of 31 March, the 7,000-person carrier recorded a net Loss of 16.33 billion Rh upees, which was lower than the previous year's 31.4 billion due to the lower price of crude gas.