Sri Lanka Railway seeks US$200mil


  • Business Premium
  • Tuesday, 26 Aug 2003

Colombo: Sri Lanka's railway said it is seeking US$200mil from a foreign investor to replace decades-old coaches and tracks, and to buy faster engines to help the 139-year-old company post its first profit since 1943. 

The state-owned railway was transformed last month into the semi-independent Sri Lanka Railway Authority – a first step to free it of state control – amid union protests. The government appointed RITES Ltd, a unit of Indian Railways, to recommend ways to make it profitable. 

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